Irvine is the economy powerhouse at Orange County CA – has more jobs for employees than any other city of it size (with more than 200,000 people) in Southern California – and sells more real estate than other areas at Orange County.
Irvine has 572 homes now listed for resale with average listing price of $953,253.
- 121 of those listed are short sales, and 31 of those listed are REOs. So 26.5 percent of current Irvine for sale listings are distressed properties.
Realtors and brokers resold 2,201 Irvine homes last year during 2011 – with average sold price of $638,742.
- 443 of those sold homes last year were short sales (20 percent of market)
- 218 of those sold homes were REO lender owned after foreclosures (10 percent of market).
132 Irvine homes were resold last month during January 2012 – with average sold price of $622,470.
Since there are 572 Irvine homes now listed for resale and 132 sold during January, it would theoretically take 2.3 months to sell all homes now listed at this rate. Balanced would be about 4.5 month, so this Irvine market favors the sellers.
Source of some information is CRMLS, does not include FSBOs, trustee auctions sales or new homes, and does include those sold by all brokers and agents.