Irvine Real Estate Market Update

Month ended May 2011 versus May 2010

Posted on June 09, 2011 by Glen.

The Irvine real estate market for the month ended May 2011 as compared to May 2010 showed that the overall market remains relatively stable despite total number of Irvine homes and Irvine condos sold being lower. The good news it looks like the busy buying season may outperform last year as Irvine real estate under contract at the end of the month was up 14.3%. The average sales price for Irvine was off by 3.2% to $680,484 for the month of May indicating relative stability as the types and pricing of homes sold can fluctuate on a montly basis. Overall inventory remained below 6 months of supply that traditionally has indicated stability in the market.

While there are a lot of economic factors right now that may be pointing to a double dip, there are still great deals to be had in the market and interest rates continue to hover around historical lows making your monthly payment more affordable then ever.