Irvine Market Update - December 🏡🎄

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THE HOLIDAY MARKET
The holidays are here for the Orange County housing market! As a result, the housing needs of many will be placed on pause to enjoy all that this season brings. Expect inventory and demand to plunge and market times to grow a little bit longer as housing moves through its slowest season of the year.

BUYERS: HOLIDAY PAUSE! Buyer demand increased by 1%, the first rise since mid-August. Mortgage rates have dropped to around 5.5%-6% recently, providing a bit of relief to buyers looking to purchase and sustaining demand. However with fewer homes coming on the market, expect demand to follow its normal seasonal drop until the New Year.

SELLERS: SLOWER SALES! The holiday pause has already arrived. In just the past two weeks alone, the inventory has dropped by 8%, the second largest drop of the year. Demand increased, but it too is about to drop as fewer choices remain. The Expected Market Time (the time from coming on the market to entering escrow) dropped from 89 to 81 days, a bit better for the sellers who have opted to linger on the market during the holidays.

Included below is your 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

September 2022 - December 2022

November 2021 - November 2022 (12-Month Lookback)

Market Action Index (MAI)
Comparison rate of sales versus inventory

The market has been cooling over time and prices plateaued for a while. Despite the consistent decrease in MAI, we’re in the Seller’s zone. Watch for changes in MAI. If the MAI resumes its climb, prices will likely follow suit. If the MAI drops consistently or falls into the Buyer’s zone, watch for downward pressure on prices.

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