This is the weekly housing update for Irvine, Ca for the week of 12/31/15-1/6/16.
So typically the week after the new year is a big one for listings as a lot of people have held off during the holidays. This year looks like that trend will continue. In Irvine last week 50 new homes came on the market while another 12 came back on the market for one reason or another. The lowest priced condo that was listed for sale was 111 Streamwood and is a 2 bedroom 1 bath condo with 808 sqft listed for $349,000. The highest priced attached townhouse listed last week was 20 Thunder Trail for $849,900 and is a 4 bedroom 3 bath 2281 sqft home in the very desirable Woodbridge community. While the lowest price single family home listed was 138 Orchard for $535,000 and is a 2 bedroom 2 bath 964 square foot home in the Orangetree area of Irvine. While finally the most expensive home listed in Irvine last week was 29 Grandview listed for $4,888,000. This 6 bedroom 7 bath 6141 sqft home in Turtle Ridge is sure to knock your socks off. You can view all available homes for sale in Irvine, Ca or contact us today for more information.
It was also a much better week for sellers with 27 homes opening escrow and only accepting back up offers. About half of these homes have done prior price reductions so make sure to run comps before bidding. There definitely are sellers out there that are "testing the market". The lowest priced home that opened escrow last week was in the Northwood Pointe area of Irvine. This 2 bedroom 3 bath 1200 sqft home located at 49 Middlebury had been on the market for 69 days and was listed for $599,888. The highest priced home that opened escrow last week was 33 Hidden Trail. Originally listed for $2,550,000 and eventually listed for $2,298,000 opened escrow after 308 days on the market. The home is 4 bedroom 5 baths and 3565 sqft.
Finally here are the numbers for what homes closed escrow and were official marked sold last week in Irvine. There were 43 homes that closed escrow last week. The lowest of which was a condo in the Orange Tree community originally listed for $298,000 and after only 6 days on the market accepted an offer for $300,000. Located at 121 Lemon Grove this 2 story 636 sqft condo was priced to move. While the highest priced closing in Irvine last week was 25 Crimson Rose. Originally listed for $1,895,000 and closed for $1,820,000 this 3 bedroom 4 bath 2863 sqft home with panoramic ocean views was a stunner and is sure to make one buyer very happy. Its worth noting that 28 of the 43 homes had done price reductions prior to accepting their final offer. If you are thinking of buying or selling a home in Irvine, Ca make sure you get an honest assessment of value and what your home truly should sell for in this market. Feel free to contact broker/owner David Feldberg anytime with questions or for a home evaluation.