The Irvine Housing Report: Median Selling Price, Foreclosures, Number of Homes Sold
Following are some Irvine housing number from Trulia. These numbers are for all Irvine homes (detached and condos). To see previous Redfin numbers for the Irvine housing market, see my past posts “The Irvine Detached Home Report” and “The Irvine Condo Report.” To see what the Altos Research Market Action Index, which covers detached home only, says about the Irvine housing market, see “The Irvine Housing Index Says….”
Based on 338 homes sold from March to May 2009 (down 37.3% from the same period one year ago), the Irvine median selling price was as follows:
Median Sold Price: $550,000
- up 2.8% from the previous quarter
- down 5.9% from the same period of the previous year
- down 5.2% when compared to the same period of 5 years ago
A comparison of the sold price to the list price, shows that the two numbers are not in the same ballpark: The average listing price for week ending June 3, 2009 was $962,442 ($330/SF). However, I should note that Trulia’s sold price is the median, and Trulia’s list price is the average.
The number of Irvine homes currently on the market according to Trulia breaks down as follows:
- number of homes on the market: 1854
- number of these homes that are in distress*: 791
- 43% of Irvine homes on the market are in distress
Source: Trulia
*Distressed homes are defined as those that are in pre-foreclosure, trustee auction. or bank-owned stage of the foreclosure process.