Buyer’s market? Seller’s market?

Market Conditions Summary for Irvine, California…

There were 69 single family homes and 136 condos, new listings for sale in the city of Irvine, California under $950,000 during the month of June 2010.

As for single family residences there were 63 that closed escrow during that period with an average listing price of $693,661 that closed escrow for $684,343. That’s a 2% decrease from the reduced listing price and a 3% decrease from the original listing price. The average home size was 2014 square feet which calculates to $344 per square foot. The average percentage price change from the beginning of June 2010 through end of June 2010 was up 1.1% with slightly larger square footage.

As for condos, there were 113 that closed escrow with an average listing price of $484,038 and closed for $475,522. That’s a 2% decrease from the reduced listing price and a 4% decrease from the original listing price. The average home size was 1395 square feet which calculates to $329 per square foot, sales price. The average percentage price change from the beginning of June 2010 through end of June 2010 was down 0.8% with the similar square footage.

In the month of June there were 2,440 single family residence and condo’s closed sales in Orange County, Ca. of which 53% had special conditions such as short sales, pre-foreclosure, bank owned (REO), auctions, etc. and are considered distressed sales. Special condition sales take somewhat longer to close and have multiple offers due to the fact that investors have returned to the market place and the lenders are selecting the strongest offer, in some cases all cash. The price trend is slightly up due to the activity at the low end.
Reported by Gerry Goodman, Real Estate Broker.

Current Market Rating: 3 1 2 3 4 5 BUYERS SELLERS

Mortgage Rates
30 Year Fixed: 4.57%
15 Year Fixed: 4.06%
1 Year Adj: 3.74%
(U.S. Weekly Averages)

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