Irvine California is located in Orange County just south of Anaheim and north of Laguna Niguel. With nearly 260,000 residents, mine is full of corporations, technology businesses, international headquarters and of course residential neighborhoods as well as several colleges and higher education institutions.
This real estate market update is for May/June, 2016.
The current inventory is about 489 properties for sale. This includes condominiums, manufactured homes, lots, single-family homes and duplexes. This number is down about 20 properties from last year at this time. Home prices have increased about $80,000 on average with the median list price of $870,000. There are very few distressed properties on the market and the median days on the market is currently at about 65. Just one year ago that number was it 52.
The median rent in Irvine is currently about $3200 per month. Rentals took a dip in January and February but spiked 1 May. There are approximately 475 rental properties available throughout Irvine but as rental prices go up, demand for single-family housing and condominiums increases as well.
The median sales price is about $735,000 with the median price per square foot currently $435. Again, sales prices to dip in February down to about $700,000 but I’ve slowly been rising over the last couple of months to top out at about $735,000.
The least expensive property for sale is about $25,000 for a vacant parcel of land. Condominiums start at about $30,000-$150,000 for options and a single-family homes start at about $250,000.
Currently the highest priced home is located at 23 Needle Grass Rd. priced at $18 million. Second up is a brand-new construction home price of $11,432,000 and following that is a five bedroom resale home priced at nearly $9 million.
Nearly 9400 properties have sold in the last six months throughout the Irvine area. The highest priced home was a six bedroom, 15,000 square-foot estate priced at $9,950,000. Most of the highest priced homes that have sold or are currently on the market are located on Needle Grass Rd. This part of town is found south of downtown just east of the Sand Canyon Reservoir and the Strawberry Farms golf club. It’s located north of Shady Canyon golf club and around this area are about 10 to 15 properties priced from $5 million on up.
If you’re interested in learning more about Irvine California real estate feel free to browse the website for all current listings. If you have questions on sold homes were previous listings, would like to list your own property or find out how much it’s worth or schedule a showing of any current listing for sale please contact me today.