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NEW BALANCED MARKET: Many sellers are entering the market with expectations of a quick sale, reminiscent of the hot market earlier this year. However, with the market shifting to a more Balanced Market, pricing has become crucial, and 54% of active listings have been on the market for over a month.
ATTENTION BUYERS! Inventory has increased by 2% over the past two weeks and is now at its highest level since November 2022, providing more options for buyers. There are currently 429 homes available in Irvine across all price points, marking a 115% increase since May 2024. With the market approaching its peak and inventory expected to decline as we move into the fall and holiday seasons, now is the perfect time to explore the expanded home selection before it diminishes.
ATTENTION SELLERS! Demand for homes has recently increased by 4% due to lower mortgage rates, marking the largest spike since April. As rates drop, buyer competition is expected to grow. Once demand outpaces supply, expect the market to shift back to a Seller's 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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May 2024 - August 2024 (4-Month Look Back)
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July 2023 - July 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, and prices have flattened. Although the Market Action Index (MAI) is decreasing, we're still in a Seller’s Market with high demand and low inventory. If the MAI rises, prices may increase, but if it drops further into the Buyer’s zone, expect potential 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
Open House Sat 8/24 from 1-4 PM
Buyer Agent Commission: 2%*
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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 $1,499,000
5 Bedroom | 2.5 Bath | 2,246 SqFt Living | 8,800 Sq Ft Lot Size
Open House Sat 8/24 and Sun 8/25 from 1-4 PM
Buyer Agent Commission: 2%*
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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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* Buyer’s Brokerage Compensation is not binding unless confirmed by a separate agreement among the applicable parties.
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Tustin Marketplace's Big Transformation: What to Expect!
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The Tustin Marketplace redevelopment is transforming the area into a vibrant Live-Work-Play community. With beloved stores like Hobby Lobby and Barnes & Noble relocating, nearly 1,300 new homes are being developed!
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The Parlor at Stafford Prime: OC’s Best Kept Secret!
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Excited to share one of my all-time favorite spots in Orange County – The Parlor at Stafford Prime! Tucked away in an industrial area off Red Hill in Tustin, this hidden gem is known for its amazing wood-fired pizzas and mouthwatering fresh pastas.
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Kids are back to school and growing up so fast—one of them might just outgrow me soon! Here’s to a fantastic school year ahead!
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