Irvine Market Update - March 🏡

LOW SUPPLY AND MULTIPLE OFFERS

Since June 2022, mortgage rates have climbed above 6%, sparking a fierce tug-of-war between buyers and sellers. Low demand favors buyers, while low supply favors sellers.  Inventory has decreased by 14% from 2,530 homes in January to 2,168 at present while demand has skyrocketed from 900 pending sales in January to 1,567 currently. Market time has reduced to its lowest level since May 2022, dropping from 84 days in January to 42 days today. Any market time below 50 days suggests there is not enough homes available to purchase.

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Complimentary Spring Photos in Orchard Hills 🌷

COMPLIMENTARY SPRING FAMILY PHOTOS

Spring is in the air! Please enjoy a Spring Family Photo Session compliments of Ellie Yung Real Estate Team. You will receive 1 free digital photo and may purchase additional if you would like. Photography provided by Danielle Choi Photography.

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