Irvine Home Resale Market Numbers Down for October 2010

Irvine at South Orange County housing market update for October 2010 shows home resales down 44.3% as compared with same time last year.

 

118 Irvine homes were sold during October 2010.

Average sold price was $603,805, which was $335 per square foot interior. 

 

 

 

212 Irvine homes were sold last year during October 2009.

Average price for those sold homes was $657,228, which was $365 per square foot interior.

The drop at Irvine home resales numbers from October 2009 to 2010 appears dramatic.

 

Why such a big drop at Irvine home resales during October 2010?

This year's drop is due in part because the homebuyer government incentives (credits) ramped up last year 2009 and are no longer available.  Lots of short sales are now on the market (197), and few are closing escrow (20).  The Irvine Company is selling new homes again this year, and they had nothing on the market during October 2009.  The Orange County economy remains fragile with unemployment about 9.5%, which makes buyers nervous.  And it's challenging for buyers to get purchase money loans these days.

Current Irvine market shows 806 homes listed, and 197 of those are short listings (24.4% of the market). 

Average asking price of Irvine homes for sale is $923,560.  With such large difference between average asking price at Irvine (at $923,560) and October average sold price (at $603,805), some owner/sellers are stubborn or nostalgic. 

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This is information from the Southern California Multiple Listing Service on resale of homes listed and is believed valid but not verified.  This does not have data for homes sold off the market, FSBOs, or at trustee sale auctions after foreclosure. 

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Harrison K. Long - Business Solutions and Advisory - REALTOR® and broker associate, Coldwell Banker Residential Brokerage - Phone: 949-854-7747  -  CA DRE 01410855 -    

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