According to Altos Research, the Market Action Index (MAI) for Irvine’s single-family housing market was 38.07 on May 9, 2014. This means that the Irvine MAI is essential the same as it was about this time last month. As defined by Altos, this puts the Irvine single-family housing market in the seller’s market category. (Above 30 is defined as a seller’s market; below is defined as a buyer’s market.) Altos also states that the average single-family home in Irvine has been on the market for about 94 days as of May 9th.
Overview of Irvine Real Estate Trends Provided by Redfin*
- Median List Price: $827K
- Median Sale Price: $687K
- Median List $/Sq Ft: $433
- Median Sale $/Sq Ft: $409
- Median Sale / List: 98.7%
- Average Number of Offers 2.9
- Average Down Payment: 25.3%
- Number of Homes Sold: 610
*These figures include the house and condo numbers combined and are calculated over the ninety days prior to May 17, 2014.
For the March/April numbers, see my previous post.
Read more here: Irvine Housing Blog