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SUMMER HOUSING MARKET
During the Summer Market, the housing market experiences a slight slowdown due to the distractions and excitement of summer fun and vacations. Consequently, we witness a rise in inventory as more properties enter the market for sale. This increase in inventory, combined with the decrease in demand, contributes to a mild deceleration in the pace of the housing market.
BUYERS: HOUSING MARKET IS STILL HOT! Negotiations will continue to favor sellers, yet the housing pace will slightly slow. As the Summer Market progresses, housing may not be as instantaneous. However, homes will still procure plenty of traffic, multiple offers, and sales prices above their asking prices.
SELLERS: ACTIVE INVENTORY IS AT ITS LOWEST LEVEL! The active listing inventory has reached its lowest level since 2004, remaining nearly unchanged, and this trend is expected to continue. Compared to last year, the inventory was 39% higher, and pre-COVID levels were 196% higher. With a 4% decrease in pending sales over the past two weeks, the Expected Market Time has increased from 39 to 41 days. If you're thinking of selling, don't wait—now is the time to act!
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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March 2023 - June 2023 (4-Month Look back)
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May 2022 - May 2023 (12-Month Look back)
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Market Action Index (MAI)
Comparison rate of sales versus inventory
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The real estate market is currently a Seller's market with high demand and limited supply. Home sales are surpassing available inventory, and the Market Action Index has been consistently rising.
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9 Wheeler, Irvine
Offered At $1,850,000
4 Bedroom | 3 Bath | 2,574 SqFt | 5,000 Sq Ft Lot
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NO HOA! NO MELLO ROOS! Gorgeous home located in the serene community of Greenfield in Northwood. As you enter the formal foyer, you will be greeted by the spectacular OPEN FLOORPLAN with vaulted ceilings, stunning staircase, sunken living room, and lots of natural light. Chef-inspired kitchen features maple wood cabinetry, lots of counter space, and an eat-in breakfast nook overlooking the private backyard. Kitchen opens up seamlessly to the family room which features a cozy fireplace and sliding doors out to the backyard for indoor/outdoor entertaining. Separate formal dining room features vaulted ceilings and also has direct acess to the oversized yard. MAIN FLOOR BEDROOM plus full bath is convenient for guests. This home rarely comes on the market and will go quick!
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12621 Washington Place #303, Los Angeles
Offered At $799,000
2 Bedroom | 2 Bath | 1,053 SqFt
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Luxury PENTHOUSE condo in the highly sought after community of Mar Vista. Walking distance to several cafes, boutique shops, restaurants, and only 2 miles to Venice Beach! As you enter the home, you will be greeted by the spectacular OPEN FLOORPLAN with SOARING 12' CEILINGS, upgraded wood flooring, spacious living and dining room, and large windows with gorgeous views of the city lights.
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75 Bronze Leaf, Irvine - Offered At $1,200,000
3 Bedroom + Loft | 3 Bath | 1,469 SqFt Living
On Market - July 6, 2023
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Stunning End Unit Townhome in the serene community of Cypress Village. Boasting 3 bedrooms and 3 bathrooms, this gorgeous home offers an inviting open floor plan, with one bedroom conveniently located downstairs and two ensuite bedrooms upstairs, plus an additional Loft! Step outside the living room to discover a spacious patio, perfect for everyday relaxation or hosting special gatherings. More details to come!
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125 Painted Trellis, Irvine - Offered At $1,275,000
3 Bedroom + Loft | 2.5 Bath | 1,626 SqFt Living
On Market - mid-July 2023
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Gorgeous Condo located in the highly sought after community of Cypress Village in Irvine. PRIME LOCATION - just steps away from Cypress Village Elementary School and across the street from a beautiful park! This home features one of the largest yards in the neighborhood for indoor/outdoor entertaining. Inside, you'll find a bright and breathtaking great room with upgraded wood floors, gourmet kitchen with a large center island, spacious loft, and an office nook. Stay tuned for more details to come!
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601 S 5th Ave, Unit B, Arcadia - Offered At $1,089,000
4 Bedroom | 3 Bath | 2,022 SqFt Living
On Market - July 13, 2023
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Don't miss out on this charming single family home zoned for award winning schools! This Private End Unit home has been fully upgraded. With its clean, light-filled interior and open floor plan, it's sure to impress. Enjoy the convenience of being within walking distance to parks, restaurants, and grocery stores. Plus, you'll have easy access to schools, shopping malls, and the 210, 10, and 605 freeways. Act quickly because this beautiful home won't stay on the market for long. Don't wait, it's a must-see! More details to come!
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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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To obtain a complimentary instant home valuation and quick peek at the market activity near your home, please click the button below.
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There will be a new video each week so be sure to subscribe!
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Maximize Your Profits: Discover the Top 3 Home Improvements to Make Before Selling!
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Looking to boost your bank account with a successful home sale? Look no further! In this eye-opening video, we unveil the Top 3 Most Profitable Home Improvements you absolutely must make before putting your house on the market. Watch now and take your home's value to the next level!
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Exploring Irvine's Culinary Delights: My Favorite Eats in Irvine!
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Exploring Irvine's Culinary Delights: My Favorite Restaurants in Irvine! If you're a food enthusiast or simply love indulging in delicious flavors, Irvine has a vibrant culinary scene that will leave you spoilt for choice. Embark on a culinary journey and explore these fantastic establishments. Bon appétit!
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Summer Vacation! We just got back from an incredible time in Kauai! The island is absolutely breathtaking! We went tubing through caves, soaked up the sun on the stunning beaches, and indulged in a ton of good food! Until we meet again, Aloha!
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