Irvine real estate News
While job security and the financial security of California continue to pose as major obstacles to the full recovery of the Irvine real estate market, many experts are hopeful that the slight increases in home sales in the region are signs that the real estate in Irvine has hit bottom and is ready to begin its recovery. Some communities in Southern California are already posting year over year gains in the number of homes sold. However, many experts realize that the Irvine real estate is not out of the woods yet, considering that the median home price is still significantly lower than it was in the previous year and that the median home price has not shown any significant or consistent increase over the past months. Nevertheless, many are still optimistic that the Irvine real estate market is gaining the momentum it needs to help pull it out of the recession of 2008 that caused much of the economic struggles in Southern California.
DQNews.com has reported that many of the real estate markets in Southern California have posted slight increases in home sales over the past few months but slight declines in the median home price during the same period. In September 2009, about 21,539 new and resale houses and condos were sold in Southern California, a 0.2 percent increase from the previous month and a 5.1 percent increase from the previous year. Many experts attribute the increase in home sales to the large inventory of foreclosed homes appealing to those in search of new homes at “bargain” prices. The rate of foreclosures is also expected to increase slightly over the next few months. The median home price in Southern California has declined by about 10.9 percent from $308,500 in September 2008 to $275,000 in September 2009.
The OC Metro has reported an optimistic sign that the Irvine real estate may be picking up speed again. According to the OC Metro, 3000 The Plaza in Irvine has had 19 sales in just the past 2 months. 3000 The Plaza is an extremely well known luxury tower home to 105 upscale condominiums. Earlier in the year, the tower filed for Chapter 11 bankruptcy protection, the same time at which 50 units had been sold. Now that people are beginning to buy again, especially in the expensive home market, many people are optimistic that the real estate in Irvine is soon to show significant improvement.