Each month Redfin, a real estate brokerage with agents in Irvine, pulls neighborhood data on how frequently homes are selling, and at what price. If you are thinking about buying or selling a home in Irvine, the data gives you a glimpse at how easy or difficult it will be based on recent market trends. Read on for more information on the state of the Irvine real estate market in June.
Inventory: More homes were placed on the market; fewer homes were sold
The real estate market in Irvine is starting to cool down from its peak in May. There were 249 homes sold in the month of June, which is down 12% from May 2013, and down 11.7% from June 2012. However, there were 456 homes for sale, which is up 17.8% from May 2013. That means – compared to May – there are more homes to choose from for people looking to buy, and more competition among those trying to sell.
PRICE: The price of homes is down from last month, but up from 2012
As far as the cost of homes, there was a small change month-over-month, but a big change year-over-year. The median price of sold homes was $638,000, which is down 3.2% from May 2013; but is 18.1% higher than in June 2012! So overall, prices are on the rise year-over-year. The sale-to-list ratio, which calculates the price sellers were asking for vs. the price buyers paid, is 100.6%. That means that on average homes sold for a little more than they were listed for. The average number of offers on homes in Irvine was 4.9, so there were a lot of bidding wars.
BIDDING WARS: Financing is key to having your offer accepted
For each neighborhood that Redfin covers, Redfin real estate agents post information on what it took to get their client’s offer accepted, or why the offer was rejected. These posts give you insight into what it takes to win a bidding war. In Irvine the number of homes for sale is low, which means sellers can be picky as to which offer they accept. Homes for sale in the area have received an average of 4.9 offers over the past 90 days. In recent bidding wars, Redfin clients needed to have 20 percent down and waive the appraisal contingency to be successful. Here are a few examples:
- “We competed with multiple offers on this home in Irvine. Listing Agent advised that although higher-priced offers were received, ours was selected due to the buyer’s significant down payment (over 20%) and ability to close in 30 days.” – Marc Raine – Redfin Agent
- “This home is located in the Walnut area of Irvine. We submitted offer with cover letter, no appraisal contingency and take property as-is. We were competing with several other offers and were given a chance to counter back at a higher price. We won the home!” – Rob Brandon – Redfin Agent
- “We came in with a full price offer and were accepted over an all cash offer. My client was a strong client with a large down payment going up against multiple offers. We were countered as part of multiple counters with no appraisal contingency. We accepted the no appraisal contingency and offered a 21 day escrow thinking the buyer would want to close escrow as soon as possible. It worked!! We were accepted. I believe we won because of waiving the appraisal contingency, the quick escrow and a personal letter from the buyer that made the buyer human to the sellers. Never underestimate the power of a great letter!!” – Karl Stenske – Redfin Agent
How Irvine Compares
Irvine is a great option for those who want to remain in Orange County, but can’t afford options like Newport Beach or the San Joaquin Hills. Check out the chart below to see how the prices of homes in Irvine compare to nearby cities:
|City||Median List $||$/Sq. Ft.|
|San Joaquin Hills||$1,730K||$629|
Homes for sale in the area
The following listings are examples of homes for sale in the area, at varying price ranges. To check out additional homes for sale in Irvine, visit Redfin.com.
Most Expensive Home in Irvine
50 BLUE HERON
8 bd 9.5 ba
Reduced Jul 15 – Orig. $16,750,000
Listed by: Teles Properties
Least Expensive Home in Irvine
0 bd 1 ba
Listed by: Sage Investment Group
If you’re thinking about buying or selling a home soon and have any questions on this information, I’m happy to help. You can read my recent reviews from clients and view my contact information on Redfin.com.
– Jennifer Chen, Redfin Agent for Orange County