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HOLIDAY MARKET SHIFT: The Orange County housing market has cooled since Spring, with Expected Market Time (# of days to get into escrow) increasing from 37 to 59 days. Luxury properties, homes priced above $2M, have also experienced a slowdown, with Expected Market Time rising from 101 to 168 days. Despite the extended selling periods, prices in the luxury market have remained stable. Most high-end sellers do not have to sell and do not adjust their asking price as often compared to sellers in lower price ranges.
BUYERS: UNIQUE TIME TO MAKE YOUR MOVE! Over the recent weeks, there has been a notable decline in the active listing inventory, dropping by 6%, reaching its lowest point since May. December tends to be a month when homeowners are hesitant to list, and some opt to take their homes off the market to embrace the holiday season, resulting in a lean yet motivated selection of homes for sale. This presents an opportune time for you to take advantage of a unique market scenario with motivated sellers and reduced competition!
SELLERS: PREPARE NOW FOR 2024 MARKET! Orange County is currently in the Holiday Market mode, and people are taking a step back to enjoy the festive spirit. However, it's worth noting that demand is expected to pick up swiftly from mid-January onward. If selling your home is in your plans, now is a good time to start the preparation process. Anticipate a boost in demand in Q1 2024 as mortgage rates are projected to drop. Contact me today so we can work together to maximize your home's value and make the most of this favorable market!
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
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September 2023 - December 2023 (4-Month Look Back)
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November 2022 - November 2023 (12-Month Look Back)
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Market Action Index (MAI)
Comparison rate of sales versus inventory
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The market has been cooling over time and prices plateaued for a while. Despite the consistent decrease in MAI, weāre in the Sellerās zone. If the MAI resumes its climb, prices will likely follow suit. If the MAI drops consistently or falls into the Buyerās zone, watch for downward pressure on prices.
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22 Shadybend, Irvine - Offered At $3,980,000
4 Bedroom | 4.5 Bath | 4,191 SqFt Living | 5,308 SqFt Lot
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This stunning model-like home in The Groves at Orchard Hills offers luxurious living behind the 24-hr guard gates, featuring over $200K in premium upgrades, including 20 owned solar panels, and a premium lot for maximum privacy. The main floor impresses with its Open Floorplan, Chef-inspired Kitchen, Additional Prep Kitchen, and a Great Room that seamlessly transitions to an indoor/outdoor California Room. The serene backyard features stone pavers, a built-in BBQ, and a tranquil waterfall. There's also a convenient Main Floor Guest Bedroom and Full Bath. Upstairs, you'll discover a spacious Loft, a well-appointed Master Suite with an oversized bath and walk-in closets, along with two more spacious bedrooms and their own baths. Green features like Owned Solar Panels, pre-wiring for electric car charging, and a tankless water heater add to the home's appeal. The attached 2-car garage offers built-in storage and epoxy floors, and the property is within walking distance of Orchard Hills School and Shopping Center, zoned for California Distinguished Tustin Unified Schools. This home is a hidden gem!
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1301 Pinehurst Circle, Santa Ana - Offered At $1,625,000
5 Bedroom | 3 Bath | 3,349 SqFt Living | 8,146 SqFt Lot Size
On Market - January 8th, 2024
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Gorgeous home in the highly sought after GATED community of Riverglen in Santa Ana! Located at the end of a cul-de-sac, you will fall in love with the OPEN FLOORPLAN, high ceilings, travertine tile flooring, and wall of windows adorning the Great Room and Dining Room. The open kitchen overlooks the Great Room which has a cozy fireplace and sliding doors that open to the OVERSIZED ENTERTAINERS BACKYARD! There are 2 downstairs bedrooms and a full bath for guests! Escape upstairs to find 3 more spacious bedrooms. Luxurious master suite features a separate retreat and an expansive spa-like bath boasting dual sinks, soaking tub, separate shower, and large walk-in closet with custom built-ins. There are 2 additional bedrooms at the opposite end which share a Jack-n-Jill bathroom with dual sinks and a separate shower. Conveniently located near the Outlets of Orange, Main Place Mall, several dining options and near major freeways. Contact me for more details!
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Windflower, Aliso Viejo - Offered At $749,000
2 Bedroom | 2 Bath | 1,047 SqFt Living
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Discover the epitome of elegance in this stunning townhome situated in the highly sought-after community of Windflower in Aliso Viejo. Boasting a desirable layout, this residence offers a convenient downstairs bedroom and full bath, providing flexibility and comfort. Upstairs, you'll find another spacious bedroom and bath, ensuring ample space for relaxation and privacy.
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Orange County's Top Holiday Picks!
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Experience the Magic of Orange County this Holiday Season! Discover the top must-do activities in Irvine and create unforgettable memories with your loved ones!
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My $1 Million Investment Success Story
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If you're looking for inspiration and real-life insights on successful investments, you won't want to miss this. The key to successful investing often begins with taking that first step. I'll share my personal story and the strategies I employed to make $1M in profits!
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Wishing you the merriest of holidays, filled with love, laughter, and all those magical moments that make this season special! May the new year ahead bring you lots of prosperity, good vibes, and happiness that lasts a lifetime. From our family to yours, warm wishes for a Merry Christmas and a Happy New Year!
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