Irvine 1st Quarter Sales are through the roof!!

by Robert Mack on April 9, 2010

in Irvine Real Estate

No matter how you look at it…..any angle or direction, Irvine, Orange County home sales, average selling prices, and average days on the market are showing huge signs of improvement from last year.

In the first quarter of 2009, from January 1st, 2009 through March 31st, 2009 a total of 285 homes sold.  This year, in the first quarter of the year a total of 446 homes sold! Wow, that’s over 56% increase from last year!sold in Irvine

To break it down even further, let’s take a look at the individual sales statistics between attached and detached homes.  In the first quarter of 2009 a total of 147 detached homes sold and 138 attached homes sold. In the first quarter of 2010 a total of 201 detached homes sold and 245 attached homes sold.  That’s almost a 37% increase in detached home sales and over 77% increase in attached home sales!  That’s HUGE.

So you are probably saying to yourself, that obviously sales are up because prices fell – right? Well lets take a look at the average selling price in these categories.  In the first quarter of 2009 the average selling price for a detached home was $860,000 and the average selling price for an attached home was $438,400.  In the first quarter of 2010, the average selling price for a detached home was $885,600 and for attached homes the average selling price was $459,400.  That’s a 2.9% increase on all detached home sales and a 4.6% increase on attached home sales! 

To top it all off, even the days on the average days on the market has gone down!  In the first quarter of 2009 the average selling time was 90 days for all homes sold, and in 2010 it was 82. Thats a 9% decrease in the average selling time!

For one reason or another, more homes are selling, for a higher selling price on average, and in a shorter amount of time.  Whether it is the first time home buyers tax credit, or the repeat home buyers tax credit, or the fact that homes have become so affordable, or that the inventory is low, or that interest rates are historically low….there are so many reasons why NOW IS THE TIME TO BUY that buyers are realizing this and jumping off the fence!

To learn what you would qualify for and get pre approved for financing email Robert Mack and get this process started.  To see what is available for sale go to IRVINE REAL ESTATE LINK today!

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Post by Robert Mack

Robert has written 727 articles.

{ 1 comment… read it below or add one }

Preston Guyton - Myrtle Beach Real Estate April 22, 2010 at 4:11 pm

Great article indeed for Irvine! Also good news for investors 🙂
Thank you for sharing this nice article, Robert.

Regards,
Preston Guyton

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