May Irvine Market Update

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Housing continues to soar upwards with seemingly no end in sight.  Buyers are tripping over each other, willing to pay tens of thousands of dollars above the asking price.  Even though so many are anticipating that a housing crash must be eminent, it's simply not going to occur for these reasons:

  • Inventory is at unprecedented record lows (down 13%)
  • Fueled by historically low mortgage rates (below 3%)
  • "Days on Market" is at 22 days (<60 days is considered a Hot Sellers Market)
  • 95% of home sales are closing well above the asking price

Sellers:  Now is the time to sell with limited inventory, high demand, and record-high sales.  Pricing is key and overpriced properties will become stale. 

Buyers:  Although the market can be frustrating with low inventory, waiting to buy will be costly as home prices and mortgage rates increase.  Contact me to find out how to get your offer accepted in this market.
  
Included below is your 60-day and 12-month Irvine Real Estate market snapshot. I am your local resource for all your real estate needs. Referrals are always appreciated. 

- Ellie Yung, Your Orange County Real Estate Specialist

Irvine Market Update
March - May 2021 (60-day Lookback)
April 2020 - April 2021 (12-month Lookback)
Market Action Index
Comparison rate of sales versus inventory
 
 
This week, the market action index is hovering around 75.  This is an increase over last month's market action index of 69 which means the market is continuing to get hotter.  More sales demand and fewer homes listed have contributed to a relatively long run of increasing prices.  Current supply and demand levels show no sign of prices changing from their current trend.

Listings by 

Coming Soon

37 Canoe, Irvine - Offered At $989,000
4 Bedroom | 2.5 Bath | 2,035 Sq Ft
Gorgeous Townhome located in the sought after Ironwood community of Portola Springs. Built in 2012, this meticulously maintained home features 4 spacious bedrooms and 2.5 baths.  As you enter the formal foyer, you will be greeted by the spectacular OPEN FLOORPLAN with soaring ceilings, hardwood flooring, and wall of windows adorning the living area.  Prime END UNIT location with open views, lots of NATURAL LIGHT and PRIVACY.  First Showing, Saturday June 5th.  Open House, Sunday June 6th from 1-4pm.  Book your appointment today!  
Schedule Appointment

Recent Sales by 

Buyer Needs
I have a very strong buyer pipeline in a very low inventory market.  These buyers are pre-approved and ready to purchase.  If you have a home that meets the below criteria or know of someone willing to sell, please contact me immediately!  This could be a win-win situation.

1. Buyer #1
  • Detached Townhome in Orchard Hills
  • 3-4 Bedrooms, 2.5 Baths
  • 1,800+ Sq Ft
  • Price Range  <$1.2M
2. Buyer #2
  • Single Family in Orchard Hills (The Groves)
  • 4+ Bedrooms, 4+ Baths
  • 4,000+ Sq Ft / Lot Size 7,000+ Sq Ft / Private Pool
  • Price Range  <$3M
3. Buyer #3
  • Single Family in Irvine
  • 4 Bedrooms, 2.5+ Baths
  • Minimum 2,000 Sq Ft
  • Price Range <$1.1M
4. Buyer #4
  • Condo or Single Family in Woodbridge
  • 4 Bedrooms, 2.5 Baths
  • Lake/Water view
  • Price Range <$1.5M

What's New with  ?
Hope all the Moms out there had an amazing Mother's Day!  We spent a perfect day at Irvine Regional Park.  Hope you all were spoiled by your families and enjoyed a relaxing day!
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M: 310.251.5428
EllieYung.com
Ellie@EllieYung.com
    
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