Shining A Light on Homes!
A Bright Holiday
As we enter the Holiday season, we observe the brightest/best housing market in several years. The past, periodic price reductions and decreased valuations have been replaced by extremely low inventory and prices that are rebounding upwards by one percent each month. We will see the current trend in place for the next several months.
Low inventory, historically affordable interest rates and higher rental rates are motivating Buyers to seek and secure properties that they can live with and live in for the next several years.
Until we see a dramatic surge of available properties for sale in the existing housing market and new homes being built with more vigor and speed, the market trend is up.
As of November 26th, we have 245 active listings, and 419 homes in escrow here in Irvine. In all of Orange County, there was a total of only 3,500 properties for sale at the end of October–down from over 9,500 a year ago.
While the above numbers are influenced by a lack of Bank-Owned properties being offered for sale, the demand for homes are easily absorbing the supply. Those Buyers who are waiting for the next drop in prices are going to be disappointed. The cycle has changed and the housing market is trending toward a Seller’s market.
If you would like your FREE market report, so that you may keep abreast of the conditions impacting your local neighborhood as we enter into a new cyclical upswing of prices in Irvine, please complete the accompanying form below. We believe our city, Irvine, 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 monthly reports track your neighborhood’s inventory, 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 “ahead of the curve” as to the direction in which the housing market is heading throughout the year and at absolutely no risk.
We hope that you will find the market summary useful. 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.
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 “Thank You,” we are offering to you a significant loyalty referral when you or a friend Buys or Sells a property using our services during the rest of the 2012 calendar year. Please do not hesitate to contact us for the specifics of the program.
Cheers and best wishes for a colorful Holiday season from our nest & hearth to yours.
Robin and Eric Fenchel(DRE#00936248/DRE#01223072)