Northpark Square Irvine home values up from 2008!

by Robert Mack on January 29, 2010

in Irvine Real Estate

There is no question that there is a huge buzz in the Irvine, Orange County real estate market!  Homes sales are rising, inventory is dropping, there are so many tax benefits for not only first time home buyers but even repeat/move up/move down buyers, and interest rates are historically low.  It is so exciting!Irvine home sales up

In Orange County as a whole, a total of 38,905 homes sold in 2009 which is 19% higher than in 2008 where 31,501 homes sold.  On top of the fact that home sales are up, the average home price is up as well!  In 2009 the average sold home price in Orange County was $552,565 which is 13% higher than 2008 where the average sold home price was $484,400.

I wanted to see how these numbers affected our neighborhood, Northpark Square.  In 2009 a total of 45 homes sold in Northpark Square which is actually a 13% decrease from 2008 where 52 homes sold.  The good news is that in 2009, the average sold home price was $748,771 which is 1.1% HIGHER than the average sold home price in 2008 at $741,095.  Although a slight increase in average home sold price, the bottom line is that it is AN INCREASE. 

Overall we are seeing inventory dropping and home prices stabilizing, and in many areas even increasing.  Qualified buyers are on the prowl looking for great homes and willing to pay the price to get them!

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Post by Robert Mack

Robert has written 724 articles.

{ 5 comments… read them below or add one }

Ashlee in Fort Worth February 4, 2010 at 1:08 am

From what I can tell so far in 2010, this year will blow 2009 out of the water. Lets just hope the rest of the year stays the same as the begining of the year.

robertmack February 4, 2010 at 10:45 pm

I’m with you on that one Ashlee! 2010 is already showing great signs that it will be better than last year. In Orange County, the sales activity has been nuts because of the low interest rates and the tax credit. I’m curious to see what will happen if the tax credit doesn’t get extended and the interest rates go up. How is it in Fort Worth?

Jay Snead February 17, 2010 at 4:10 pm

This is encouraging especially due to all the REO Homes for sale in Irvine and Orange County that we see on http://www.gohoming.com. With the foreclosed homes in these areas, I did not expect such optimistic data.

robertmack February 20, 2010 at 1:45 am

-Jay, thanks for your input. your comment sparked todays blog post as I was truly curious how foreclosures affected the Northpark Square area. I knew it was low but not as low as it actually was! thx again for the input and check today’s post about the foreclosures in Northpark Square…

http://www.irvinerealestatelink.com/foreclosures-in-northpark-square/

robertmack February 20, 2010 at 1:47 am

Jay, I checked out your website you mentioned and it looks interesting….tell me more about it!

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