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SUMMER HOUSING MARKET: The housing market has slowed, transitioning from a hot seller's market to a more balanced one. Homes that are appropriately priced and in excellent condition are still selling quickly. However, for other properties, the summer market feels somewhat subdued.
ATTENTION BUYERS! Inventory has significantly increased since the Spring. Back then, only 143 homes were available for sale across all price points in Irvine. Today, that number has risen to 387 homes. While total inventory remains relatively low, the market slowdown is giving buyers a much-needed breather. Additionally, mortgage rates have declined from 7.5% in April to 6.75% today, making it an opportune time for buyers to purchase!
ATTENTION SELLERS! Active inventory has increased by 10% in the past couple weeks which means there is more competition. Thus, it's important for for sellers to ensure their homes are competitively priced and in top-notch condition to attract serious buyers. Turn-key homes continue to attract multiple offers and fierce competition among buyers. Looking ahead, the anticipated rate cuts by the Fed in September are expected to further stimulate demand.
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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April 2024 - July 2024 (4-Month Look Back)
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June 2023 - June 2024 (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, 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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130 Draw - Offered At $2,970,000
4 Bedroom | 4.5 Bath | 3,680 SqFt Living | 5,434 Sq Ft Lot Size
On Market - July 30, 2024
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Gorgeous MODEL-LIKE Entertainer's Home in Great Park home located in the brand new community of Rise in Great Park. Prime corner lot location with two separate entrances, perfect for multi-generational living, and over $250K in upgrades. The spectacular open floorplan features vaulted ceilings, light Italian porcelain tile flooring, and a wall of windows adorning both sides of the living area. The chef-inspired kitchen is equipped with upgraded dark brown European cabinetry, custom quartz countertops, a gorgeous herringbone backsplash, professional-grade stainless steel appliances, a wine refrigerator, a walk-in pantry, and a huge kitchen island overlooking the dining room and great room. The chef's kitchen and great room seamlessly flow into the spacious open dining area. The main floor guest suite includes a full bath, kitchenette, and separate entrance for in-laws, guests, or extra rental income. The spacious loft brings in lots of sunlight and is perfect as a media, play, or study room, featuring built-in desks and an outdoor balcony. Additional features include a 2-car attached garage, 14 owned solar panels, and a tankless water heater. The home is within walking distance to Portola High School, HOA pools and parks, and Woodbury Shopping Center. Zoned for award-winning Irvine Unified Schools, this is an opportunity not to be missed!
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12712 Charmaine Lane - Offered At $1,549,000
5 Bedroom | 2.5 Bath | 2,246 SqFt Living | 8,800 Sq Ft Lot Size
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Nestled on a gorgeous tree-lined in the highly sought after neighborhood of Panorama Heights in North Tustin, this Stunning Turn-Key Home offers a serene retreat. The charming curb appeal is accentuated by a custom paver driveway and walkway, complemented by stunning stone accents, setting the stage for a welcoming entrance. Boasting 5 bedrooms, including a main floor retreat, and 2 baths, this residence exudes comfort and style. As you enter the home, you will love the inviting open floorplan featuring vinyl luxury flooring throughout, crown molding, recessed lighting, and lots of natural light. Stunning Chef-inspired kitchen features white shaker cabinets, quartz countertops, stainless steel appliances, and lots of counter space and storage. The open kitchen overlooks the spacious Dining Room, Family Room, and Living Room, creating a seamless flow for entertaining.. No HOA and No Mello Roos! Located within walking distance to El Modena Park and minutes to shopping, Peters Canyon Park, and hiking trails.This home is a rare opportunity at this price!
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Enter now for a chance to WIN our "Back -to-School Giveaway"! Don't miss out on the chance to win one of these amazing Prizes, courtesy of Ellie Yung Real Estate & Coldwell Banker Realty.
Grand Prize:
$500 TARGET GIFT CARD | 5 Winners
Additional Prizes:
$300 TARGET GIFT CARD | 5 Winners
$100 TARGET GIFT CARD | 30 Winners
Submit your entries by July 31st! The winner will be chosen on or around August 1st!
Goodluck!
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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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Investing Tips: How to Use Cash-Out Refinance
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Sitting on a lot of home equity but don’t want to sell? Discover the power of cash-out refinance! This strategy allows you to refinance your property and access up to 80% of its appraised value in cash. Imagine turning your home's value into liquid assets to reinvest in new properties or other ventures. In this video, I explain how I leveraged this tactic to grow my investment portfolio. Learn how you can do the same!
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Introducing 'Elevate' by Toll Brothers
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Exciting news for Irvine, CA! New luxury homes are on the horizon at Great Park this summer. Elevate by Toll Brothers is bringing you exclusive single-family homes with stunning designs and luxurious features. These homes boast multiple bedrooms, expansive bathrooms, and three-story layouts with breathtaking views. Sizes vary, offering ample space for all your needs. Located in a prime spot near Irvine Blvd and Cultivate, pre-sales kick off in August 2024.
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July was a busy month! We celebrated my daughter's birthday on the 4th of July, flew to the annual Summer Nationals Fencing tournament in Ohio where we met gold medalist fencer Lee Kiefer, and also went to New York to visit family. It's been a busy month, but it's been a fun-filled summer! Hope everyone is enjoying the summer break!
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