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LOW INVENTORY, RELUCTANT SELLERS, AND DIMINISHED DEMAND SHAPE 2023 REAL ESTATE LANDSCAPE! The available homes for purchase have taken a significant hit, plummeting to a mere 188 homes for sale in ALL of Irvine – a staggering 63% drop from the average, and the lowest inventory recorded in August since 2004. Homeowners are clinging to their advantageous low-fixed-rate mortgage payments which is limiting the supply of homes available for purchase.
BUYERS: MORE HOMES ON THE HORIZON! Over the past two weeks, inventory has grown by 4%, reaching its highest level since January. Although the usual peak for inventory is from mid-July to the end of August, the current trend indicates that we haven't reached the peak yet, as active listings continue to rise. Looking ahead, it's anticipated that this year's inventory will gradually decline from October to mid-November.
SELLERS: MAXIMIZE YOUR HOME'S VALUE! Property values have increased by 7% since June, a trend expected to persist into 2023 due to the ongoing scarcity of homes on the market. Demand decreased by 1% in the past 2 weeks as summer comes to a close and kids are gearing up for school. If you've thought about selling, the sooner the better as the market is still HOT with a plethora of cash buyers in Irvine.
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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May 2023 - August 2023 (4-Month Look back)
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July 2022 - July 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 started cooling and prices have been flat for several weeks. Since 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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601 S 5th Ave # B, Arcadia
Offered At $1,149,000
4 Bedrooms + Loft | 3 Bath | 2,022 SqFt Living
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Gorgeous DETACHED condo located in the beautiful community of Arcadia. This home has been newly upgraded for today's modern taste. Enter through the formal foyer and you will be greeted by a LARGE and BRIGHT GREAT ROOM with high ceilings, new luxury vinyl flooring, cozy fireplace and large windows overlooking your backyard. The Gourmet Kitchen features upgraded cabinetry, Quartz countertops, newer stainless steel appliances, and lots of storage. The kitchen overlooks the Dining and Great Room with sliding doors to the spacious yard for INDOOR/OUTDOOR ENTERTAINING.
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25671 Le Parc # 73, Lake Forest - Offered At $520,000
2 Bedroom | 1 Bath | 781 SqFt Living
On Market - End of August
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Nestled in the highly sought-after community of Le Parc, this upgraded turn-key home is ready to impress! This home features a light, bright and airy layout, luxury laminate flooring, upgraded quartz countertops, and new cabinetry, and has one of the largest wrap-around yards in the community! Indulge in the ultimate relaxation with access to three sparkling pools and spas. Plus, with HOA dues covering water and trash, living here is effortless.
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24131 Pandora St, Lafe Forest - Offered At $980,000
3 Bedroom | 2 Bath | 1,540 SqFt Living
On Market - End of August
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Stunning remodeled POOL home in the highly sought-after community of Lake Forest! PRIME LOCATION - this 3 bedroom, 2.5 bath home is located in a cul-de-sac and with one of the largest yards in the tract! Enter through the formal foyer and you will be greeted by a LARGE and BRIGHT GREAT ROOM with recessed lighting, hardwood flooring, and large windows overlooking your backyard. The oversized Chef's kitchen features stainless steel appliances, new cabinets, recessed lights, and lots of storage space. Downstairs family room can be converted into a 4th bedroom or den. Escape upstairs to find 3 SPACIOUS bedrooms and 2 baths. This gem won't last long!
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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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Ultimate Guide to Orchard Hills, Irvine | Everything You Need to Know!
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Why is everyone moving to Orchard Hills in Irvine? Discover this luxurious community that is so highly coveted by many! Get ready to embark on an adventure through the enchanting Orchard Hills community in Irvine! Uncover insider tips, breathtaking views, and insider insights on this picturesque paradise. From top-notch amenities to charming homes, we've got you covered! Join us and experience the essence of Orchard Hills in Irvine like never before.
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Start Small, Dream Big: The Truth About Your First Home
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Are you a first-time homebuyer feeling the pressure to find your dream home right away? We're here to tell you that it's okay to start small and work your way up! In this video, we'll debunk the myth that your first home has to be your forever home. Join us as we explore the exciting journey of finding that perfect starter home and why waiting for your dream home might be the best decision you ever make. Subscribe now for valuable insights on first-time home buying, investment strategy tips, and finding your dream home. Embark on a home-buying adventure that will inspire and empower you!
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Just wrapped up an awesome adventure with a final trip to the Big Apple before the kids kicked off the school year, creating unforgettable memories that will last a lifetime. Hope everyone enjoys the summer with their family and loved ones! Till next summer!
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