As the summer season winds down and kids go back to school, Irvine home and condo sales will inevitably begin to lessen. While the market has not been as busy as the past two years, Irvine condo and home sales in August were higher than the previous month’s numbers and almost on par with year-ago figures.
According to data from the Multiple Listing Service, there were 235 pieces of Irvine Real Estate sold in August; this marks a 16% increase over July’s number of 202 homes and condos sold. This is obviously good news after months of slower home sales – buyers are coming into the marketplace in higher numbers, and high inventory means there are plenty of options for a variety of buyers. The number of Irvine homes and condos sold in August 2013 was slightly higher at 247, but this only a 5% decrease on a year-to-year basis; the majority of months in 2014 have seen double-digit decreases in sales when compared to year-ago numbers, so this is more welcome news illustrating that the Irvine real estate market is picking up.
The sales of Irvine townhomes and condos, as is typically the norm, outpaced the sales of detached Irvine homes. There were 144 condos and townhomes sold compared to 91 detached homes. Condos and townhomes tend to carry a cheaper price tag, and the fact that Irvine attracts a large amount of first-time home buyers and investors accounts for this discrepancy.
It will be interesting to see if this upward trend can continue now that move into the latter part of 2014, but if August’s sales numbers are any indication, the Irvine real estate market is alive and well.