Explore Properties at Southern California: Irvine Real Estate Market Adjusting to New Normal

Irvine, California, had 830 homes listed for sale on the market as of May 31, 2011 - with average asking price of $844,018.

Since the government's first time homebuyer tax credits came to an end June 30, 2010, the Irvine home resale market has been adjusting to its new normal.

174 Irvine CA homes were sold last month during May 2011 (a 20% decline in number sold as compared with May 2010) - with average sold price of $696,612.

With prior government tax credit incentives, 220 Irvine homes were sold last year during May 2010 - with average sold price of $699,681.

196 Irvine homes were sold same time two years ago during May 2009 - with average sold price of $671,746.

At end of May this year 2011, Irvine had home selling average "market time" (time it would take to sell all inventory at current selling pace) of 3.3 months (somewhat slower than 2.75 months one year earlier during May 2010).

Irvine has 208 properties listed for sale that are either foreclosures to be resold or short sales (where sellers owe more than the home's value). So distressed properties are 25% of the Irvine homes for sale market (as compared with 33.9% of all Orange County markets).

Irvine remains the economy powerhouse at Orange County - with lots more jobs than any other city and where people continue buying more homes.

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This is information only, partly from OCRegister.com and Southern CA MLS, about home resales and does not include that for new home sales or those sold at trustee sale auctions after foreclosure.

For professional and trusted real estate representation - Harrison K. Long - solutions for real estate and business - REALTOR® and broker associate, GRI - Coldwell Banker Residential Brokerage - 949-854-7747 (phone) - ExploreProperties@gmail.com(email) - CA DRE 01410855 - SFR short sale and foreclosure resource certified by the National Association of REALTORs® - also now serving as a director at California Association of REALTORs®.