Low inventory in Irvine?

[irvinehomeowner]

According to Redfin, homes are down to 837 and have been going down since mid-March:
http://www.redfin.com/city/9361/CA/Irvine

I thought inventory was supposed to go up during Spring leading into Summer... are the new homes suppressing resale?

I used to be able to find an SFR here or there in Woodbury for less than $800k but I can't even find a Portisol 3br in that range. Does anyone notice the same thing?

 

[usctrojancpa]

Inventory of 1990+ build 4bed/3bath homes under $1m is low.  There are several "wishful" sellers out there hoping to find a sucker...errr buyer but it doesn't look like it's happening.  If you check my spreadsheet you'll find that inventory levels from today versus last year are up while sales are down hence the market being neutral.  The attached condo make is really getting kicked around though.

 

[irvinehomeowner]

Inventory of 1990+ build 4bed/3bath homes under $1m is low.

Even when I just click on "Condos", the number is down to 440, it hasn't been that low since January 2010.

And the listing $/sft are way up vs. the selling $/sft... do you think people are now holding since it's not selling at their wish prices? And since TIC is selling all these homes, they can justify these list prices or aren't anxious to hit the market because they want to see how the new homes pan out?

 

[akim997]

as a holder of an attached condo in irvine, i will tell you the existing resale market is very weak...    part of this is due in part to the cheap pricing of new builds with updated floor plans (larger kitchens w/ islands in smaller units).    Even with lower mellos roos, the moths of irvine buyers are drawn to the shiny TIC lights...  My condo was recently appraised at $300 per foot for a 2001 build in West Irvine.  Not that its credible, but it gives you a "general idea"...   

I do notice the low inventory in the 4BR/3BA SFR w/ driveway built after 1990...  the prices reflect such.  Recent closed sales in certain areas are between $340-360 per ft, which is causing new sellers to up their asking price even more.  I would hope the such disparity would not persist, as I can't stomach selling my place for $300 per foot only to buy at $350.  At that delta, it just doesn't make sense....  In my own mind, "replacing" my 1500 sq ft with a SFR 1500 sq ft costs a $75K premium... but this pails in comparison to the $280,000 I'd have to pay for the additional 800 sq ft, driveway, and tiny back yard...    (800 sq ft x $350/ft).

 

[usctrojancpa]

Inventory of 1990+ build 4bed/3bath homes under $1m is low.

Even when I just click on "Condos", the number is down to 440, it hasn't been that low since January 2010.

And the listing $/sft are way up vs. the selling $/sft... do you think people are now holding since it's not selling at their wish prices? And since TIC is selling all these homes, they can justify these list prices or aren't anxious to hit the market because they want to see how the new homes pan out?

Where are you pulling your 440 inventory number for Jan. 2010?  My spreadsheet shows 493 total active homes on the market back then (I pull that information off MLS).  Back then we were in a seller's market with about a 3 to 3.50 month of inventory, today that number is just shy of 6 months which is a neutral market (that's both attached and detached products).  The RE market in Irvine and most other cities in OC have softened since Jan. 2010 (we are off the govt sugar high). 

 

[irvinehomeowner]

I'm pulling it off the Redfin link on my first post.

I understand that their numbers aren't exactly the same as the MLS but considering I don't have MLS access... I work with what I can.

 

[usctrojancpa]

I'm pulling it off the Redfin link on my first post.

I understand that their numbers aren't exactly the same as the MLS but considering I don't have MLS access... I work with what I can.

Gotcha, well you are free to look at my spreadsheet...that should give you a general snapshot of where we are at in terms of sales and inventory levels.