As Irvine’s population boom has continued through 2013, so too have Irvine home values continued to rise in this prized Orange County metro. In fact, a real estate analytics report from Irvine-based Altos Research saw the median list price for Irvine homes at a 2013-high as of its September 6th report, indicating that not only is this market holding strong while many other area markets begin to decline after the busy spring and early-summer seller season, but the ceiling for Irvine home values seems almost limitless at the moment.
Value Trends for Irvine Homes
The median list price of $975,727 for Irvine homes that Altos reported in its September 6th data was the highest 90-day average for the area in 2013. It was also up about $110,000 from the beginning of the year when Irvine home values were closer to $965,000. Adding to the fact that this 90-day average reflects the most current trends is that the seven-day average was also at a high for the year. Coming in right around $1 million for the past two weeks in a row, this average has grown by a whopping $150,000 since the beginning of the year. If these trends persist at their current rate, Irvine home values will only continue to grow, indicating that anyone with an Irvine home for sale in this vastly upwardly mobile city has much to profit from.
Irvine Home Inventory Trends
While median home values around $1 million may be intimidating to potential Irvine home buyers, there are a few indicators as to why these buyers should not be too spooked. First, inventory in Irvine is rising, with the 319 properties listed for the 90-day average as of the September 6th report signaling both the year’s highest level and a vast improvement from when inventory was at its low point of about 200 in March and April. Furthermore, the more current seven-day average is hovering right around 400 Irvine homes for sale—proof that opportunities are beginning to open up for those ready to make an investment on an Irvine home.