One more update for Irvine this year… and guess what?! As expected, we’re seeing that buyers are still out there searching for homes but not in the numbers they were even just a couple of weeks ago. Perhaps, they’ve decided to pause their search until after the holiday season, which is very typical.
As expected, the inventory has dropped significantly across the board and there aren’t as many buyers out searching as there were a couple of weeks ago. This is completely normal as we head into Christmas and New Years. Many folks are sidelining their real estate goals and focusing on the holiday season.
As of this recording, Irvine has 106 properties available for purchase down from 110 just last month. 144 homes went pending and days on market are sitting at 22 days… a 4-day increase from just last month. The median sold price is $1.278M.
What does all this mean for you? If you’re still thinking about selling, the data supports that we are still in an EXTREMELY HOT seller’s market. You are in complete control of the terms for the sale such as possession (when you’ll hand over the property), and if priced properly, the property will go quickly. And, you’ll have less competition on the sale of your home because with inventory at record-low’s, not seen since 2004, your property will be one of a very few to choose from on the market. As a buyer, you still have a lot of buying power. And, if you play your cards right, you can compete against less buyers. Those that have sidelined themselves for the remainder of the year, are expected to start up again after the 1st. You will likely remain in a competitive situation.