Irvine Home Resale Market Numbers for November 2010

IRVINE at South Orange County housing market for November 2010 showed home resales down 8.9% as compared with same time last year November 2009. 

157 IRVINE homes were sold during November 2010.

23 of those or 14.6% homes sold were short sales.

14 or 8.9% of those sold were REO lender owned.

Average sold price for these 157 homes was $760,575 (which is up from November 2009).  

171 Irvine homes were sold last year during November 2009, and average price for those sold homes was $666,491.

The Irvine home resales volume decline from November 2009 to November 2010 was caused partly from government incentives (tax credits) being no longer available. 

196 Irvine home short sales are now listed on the market with the only 23 short sales closed escrow last month during November.

The Orange County economy is fragile with unemployment about 10%, which makes buyers nervous.  Even with good interest rates, it's challenging for buyers to get loans these days.

Irvine's current active homes for resale market shows:

• 733 homes listed for resale
• Average listing price is $911,106
• 317 active for sale are single family
• 416 active for sale are condos

Current average asking price for IRVINE homes is $911,106.  The November average sold price for IRVINE homes was $760,575.  This difference between current asking to average sold might look normal to some people ... But others will wonder whether it's too much of a spread between what some sellers want and reality. 

  

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This is information from the Southern California Multiple Listing Service on resale of homes listed, is believed correct but not verified, does not have data for homes sold off the market, or FSBOs, or from 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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