Here we are! It’s mid-November and time for a Market Update! The crazy part is that we’re still in a busy real estate season. What is usually considered the slowest time of the year is really only “slow” because there aren’t enough homes out there for sale, limiting the number of official sales. The holiday market starts at Thanksgiving, which is next week. Yet… this year, there is no indication that we will experience a year end slow down.
There are currently 110 properties available for purchase in Irvine, down from 156 which is a 30% drop from last month! Days on market are sitting at 19 days. Keep in mind, a Seller’s market is generally any time the days on market is less than 60 days so 19 means that we are in an insanely hot, seller’s market.
What does this mean for you? If you’ve been considering selling, you’re still in complete control. Properly pricing your home for sale will be critical for making sure those in the market during this time consider your home. You will likely receive a great price and terms for your property. And, for those looking to buy, you just need to stay the course, remain patient, and understand that you will likely continue to be in a multiple offer situation.