Market Update: real estate trends in Irvine to keep an eye on in Q4 and Beyond, by Cornelius Jackson.

By Cornelius Jackson

Market Update: Real Estate Trends In Irvine to keep an Eye on In Q4 and Beyond

Undoubtedly, we are in a bit of a housing market bubble. Real estate experts, speculators, and investors know that, and judging by the rate of incline, everyone is already stating the obvious - that house prices will double before the end of the last quarter of 2021, but will it?

Irvine, one of the cities in Orange County, California, is one of the places that experienced a tremendous housing market boom in the last decade. Despite the Coronavirus affecting the real estate market and offsetting transactions, the city remained among the most competitive cities in California and nationally. Our expert looks at the real estate market in Irvine and what you should look out for in Q4.

WHY THERE IS A RED-HOT HOUSING MARKET IN IRVINE

Typically, some factors contribute to a housing market boom in cities and states, such as population, weather, job opportunities, etc. Irvine, seems to be the converging place for all these factors.

Over time, Irvine has continued to remain an incredible place for people, especially for families. The FBI ranks Irvine as the safest city to live in because of its low crime rate. It is one reason a single-family home is the most sold type of home in the city. With families migrating to the city, there’s bound to be a population increase. That drives home prices upwards, especially singlefamily homes.

The weather is another factor. Irvine has exceptional warm weather and plenty of sunny days. On average every year, Irvine sees almost 281 sunny days with no snowfall. The average annual high temperature is 73°C, and its average low is 52°C. This shows that the weather is consistently low throughout the year, making it an ideal spot for outdoor activities. The outdoor adventure and nightlife are some reasons people move to Irvine, which drives home prices up.

The job market in Irvine is solid too. The tech industry is booming, thanks to tech giants like Google and retailers like Amazon. Although the pandemic disrupted the job market, tons of job opportunities are still available to choose from. These companies pay their employees good wages and salaries. It makes people want to migrate to Irvine. The presence of Amazon and Google contributes to the booming housing market in Irvine.

MARKET TRENDS IN IRVINE IN Q3: WHAT YOU SHOULD LOOK OUT FOR IN Q4

In Q3 2021, the median home sale price jumped to $1M, a 23% increase YoY. Even though sales activities slightly declined with only 92 deals closed, the property market is still red-hot, as evidenced by the skyrocketing home prices.

According to Redfin, Irvine house prices went up approximately 25% from 2020 in June only, selling at $1.1M. Compared to last year, where 184 homes were sold, 365 homes were sold in June, almost double. Hot homes sold about 6% above the asking price and stayed in the market for 15 days, while average homes sold 2% above the asking price and stayed in the market for 29 days.

Judging by the data, we expect home prices in Q4 and beyond to continue rising, especially if demand remains high, bidding war persists, and inventory remains low. Single-family homes and two-bedroom condos will experience the highest rise and buyer demand, as more families continue to relocate to the city. Price decline will unlikely happen, except inventory improves and more houses are listed which will not happen any time soon. in Irvine, it’s likely that you will be drawn into a bidding war with other aggressive buyers who won’t be willing to negotiate. Take advantage of the opportunity and reach out to an experienced realtor to help you get the best deal and bypass the bidding war. Reach out to Cornelius L. Jackson, one of our top VIP Agents in Irvine or contact Eric L. Frazier for assistance with purchasing a home or investment property. Eric L. Frazier MBA is a licensed Mortgage Advisor NMLS 461807 with First Bank and can be reached at 800-261-1634 ext. 703.

ABOUT CORNELIUS JACKSON

As a highly successful realtor, broker, credit repair expert, and former law enforcement officer, Cornelius Jackson uses his wealth of skills and experience to run his company, CLJ Enterprise Inc. Cornelius has worked in real estate for fifteen years and started his company, CLJ Realty Group in Orange County, California, just over five years ago. He created his business with the original intent to assist asset managers with selling REO properties (property that the lender has repossessed for nonpayment of the mortgage loan) – but he shifted his focus and explains, “While going through the process, I saw a lot of people lose their house so I shifted gears and started helping people in pre-foreclosure by using my unique marketing techniques to help them sell.” So in addition to selling these properties, he helps people that may be losing their homes. Read more about Cornelius here; https://www.thepowerisnow.com/corneliusjackson/

ABOUT THE POWER IS NOW MEDIA

The Power Is Now Media is an online multimedia company founded in 2009 by Eric L. Frazier, MBA, and is headquartered in Riverside, California. We are advocates for homeownership, wealth building, and financial literacy for low to moderateincome and minority communities. The Power Is Now Media corporate office is located at 3739 6th Street Riverside, CA 92501. Ph: 800-401-8994 Website: www.thepowerisnow.com.

References

https://www.propertyshark.com/mason/market-trends/residential/ca/orange/ irvine https://www.neighborhoodscout.com/ca/irvine/real-estate.amp https://www.redfin.com/city/9361/CA/Irvine/housing-market https://www.extraspace.com/blog/moving/city-guides/things-to-know-aboutliving-in-irvine/

2021