Irvine, CA housing market

Irvine sellers are learning a lesson this June about aiming too high. About 19 percent of active listings have already taken a price cut, and there is a clear reason why. The typical Irvine home is worth about $1.47 million, basically unchanged from a year ago, down just a third of a percent. But the median asking price sits around $1.53 million, roughly sixty thousand dollars above that. When sellers list above what buyers will pay in a flat market, the result is predictable. Homes are taking about thirty nine days to sell, not slow, but long enough for an overpriced listing to go stale. There are about 727 homes for sale right now, with roughly 358 new listings hitting the market, so buyers have real options and no reason to chase. The takeaway for Irvine homeowners: this market rewards realistic pricing from day one. Price at the market and you sell in about five weeks. Price above it and you will likely join the one in five cutting later.