How’s The Market in Irvine, California?
WeB would like to offer you our FREE market report, so that you may keep abreast of the conditions impacting your local neighborhood as we enter the traditional buying season, and enter what we hope will be the beginnings of a turn around in the housing market as weB continue into the Spring revival in Irvine. We believe our cityB is a unique real estate environment. While macro economic conditions impact our local housing market, we cannot and should not rely solely on National and Countywide news sources for our local housing trends. These broader housing statistics do not accurately reflect what is happening in your local neighborhood.
Our weekly reportsB track your neighborhoodbs inventory,B median price, price per square foot, median sales price, average days on market and more. Our market reports are updated regularly, and are FREE to you, so that you can stay bahead of the curveb as to the direction in which the housing market is heading throughout the year and at absolutely no risk.
We hope you find the market summary useful. If you do not wish to receive these reports, feel free to unsubscribe. Our intention is not to bspamb youbonly to provide you with informative, helpful market data. If you are interested in specific communities, zip codes, neighborhoods, please do not hesitate to e-mail us. We would be happy to provide you with the Market Reports of your choice.
The Flowers are in Bloom!
Positive Indicators continue to Emerge in the 2012 Springtime Housing Market
We continue to see the signs of a recovery in the Irvine housing market as we enter the last week in April. Inventory in Irvine continues to be at five year lows, and, in fact, the inventory to homes in escrow ratio is less than one monthbs visible supply, i.e., there were 485 homes for sale in Irvine on April 22nd, and 504 properties in escrow in Irvine.
Just as there was not that much rain this winter to create a large harvest from which to choose, the long, slow erosion of prices, here in Irvine, seems to have ceased, and positive signs of improvement are building. The inventory is as low as it was five years ago, although the prices are obviously at 2003/2004 levels. The availability to pending sales ratio is still dropping, and the ratio indicates an impending uptick in prices over the next several months.
Buyers should be in the decision mode as prices are bound to go up with the limited supply of houses available for the next several months. We are not predicting the next bull surge or bubble, but we do not see a continuation of erosion of prices in our local Irvine market. We can expect that there will be a scattering of Bank-owned properties entering the market, but we think it will be feeding into higher prices rather then causing declining prices.
Let us know if you would like to be included in our Monthly Market Report for Irvine.
We are proud of our record for 2011 despite the turbulent and challenging housing market. We were inducted into the Century 21 International Honor Society this past year, and were honored to be counted among the Top 100 Teams throughout the United States.
You, of course, have helped us immeasurably by placing your confidence is us, and supporting our practice with your friendship and referrals for which we eminently grateful.
As a way of saying bThank You,b we are offering to you, our friends, a significant loyalty referral when you or a friend Buys or Sells a property using our services during the 2012 calendar year.B Please do not hesitate to contact us for the specifics of the program.
Cheers and best wishes for a bountiful Spring from our home and hearth to yours.
Robin and Eric Fenchel(DRE#00936248/DRE#01223072)
949.929.4800 (Cell) 929.334.7373 (Off.) 1.877.949.4221 (Toll-Free)