Irvine Market Continues to Recover, According to Carrington Real Estate Services May Housing Report
Carrington Real Estate Services, LLC, a national residential real estate brokerage with offices in Irvine, California today announced May market trends for the city, analyzing key metrics including median home price, total inventory and average days on market for single family residences.
According to Irvine housing market data prepared for Carrington by Altos Research, several trends showed growing strength in the city’s real estate recovery. Median home prices continued to climb and days on market decreased. And while the number of homes for sale in Irvine inched up slightly from earlier this year, inventory remained well below what was reported for the same time last year.
As of May 17, the median price for a home in Irvine had increased to $887,167, up 3 percent from the median price of $859,327 recorded 90 days earlier, and up 22 percent from the median price of $724,576 recorded one year prior.
Total inventory of existing homes for sale in Irvine was 215 homes, up 3 percent from the 209 homes recorded 90 days earlier, but down 41 percent from the 364 homes recorded one year prior.
The average days on the market in Irvine was 97, down 27 percent from an average 133 days as recorded 90 days before and down 33 percent from the 144-day average from one year ago.
“Irvine is showing clear signs of being a seller’s market,” noted Carrington Real Estate Services Local Office Manager Maria Zuniga. “Typically prices increase as inventory becomes hard to find, and homes that are available are selling much more quickly than they did last year at this time. For homeowners who have been waiting for the right time to sell, these are indicators that it might be a good time to consider testing the market.”
Providing Local Knowledge on a National Scale
Carrington Real Estate Services has a presence in many of the nation’s key markets and currently has 35 offices across the U.S. The company is licensed to operate in 26 states and plans to continue its expansion in a controlled, strategic manner, remaining focused on providing superior client service to a diverse customer base – from institutional investors and financial institutions to individuals looking to buy their first home – through agents who are highly attuned to local market dynamics.
About Carrington Real Estate Services
Carrington Real Estate Services, LLC is a full service real estate brokerage that uses its network of licensed real estate agents to manage the sale or purchase of residential properties. Carrington Real Estate Services works with sellers and buyers of both traditional and distressed residential properties to manage the contract negotiation, sale and escrow processes.