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RATE MIGRATION: The housing market is seeing significant shifts! Mortgage rates are creeping back up, inching closer to the 7% mark. Despite this, as Spring approaches, demand has surged by an impressive 28%. Additionally, inventory has seen a notable 16% increase over the past week. However, it still lags considerably behind the three-year average.
ATTENTION BUYERS! With more homes hitting the market, we're gearing up for the seasonal spike in inventory in Spring and Summer. Meanwhile, demand has skyrocketed by a whopping 28% in recent weeks. Yet with inventory still low, Expected Market Time has decreased to 45 days, signaling a scorching hot housing market where sellers hold all the cards in negotiations. As rates are expected to drop later this year, brace yourself for even fiercer competition. The time to act is now - seize the opportunity to buy now and refinance later!
ATTENTION SELLERS! This is the perfect time to take action! Over just the past two weeks, pending sales have seen a remarkable 8% increase, signaling a surge in demand within the housing market. Don't miss out on this opportunity to list your property and make the most of the market's current momentum. Time is of the essence! With more homes expected to hit the market as Spring approaches, it's essential to act promptly to maximize your chances of success. Get in touch with us today, and together, let's turn your selling goals into a reality!
Included below is your Irvine Real Estate Market snapshot. I am your local resource for all your real estate needs. Referrals are always appreciated.
- Ellie Yung, Your Orange County Real Estate Specialist
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November 2023 - February 2024 (4-Month Look Back)
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January 2023 - January 2024 (12-Month Look Back)
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Market Action Index (MAI)
Comparison rate of sales versus inventory
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The market continues to get hotter. More sales demand and fewer homes listed have contributed to a relatively long run of increasing prices. Current supply and demand levels show no sign of prices changing from their current trend.
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Northpark, Irvine - Offered At $1,835,000
3 Bedroom | 2.5 Bath | 2,279 SqFt Living | 3,876 Sq Ft Lot Size
On Market March 25, 2024
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Nestled within the highly sought after guard-gated community of Northpark in Irvine, this stunning turn-key home offers a serene retreat. Nestled on a peaceful tree-lined street, this inviting home features 3 Bedrooms, plus an Office, and 3 Baths. Its charming curb appeal is highlighted by elegant wrought iron gates and an expansive driveway, creating a welcoming entryway into the property. As you enter the home, you will love the inviting open floorplan featuring soaring ceilings, hardwood flooring, and lots of natural light. The Chef-inspired kitchen, complete with white cabinetry, granite countertops, ample storage, and a large kitchen island, seamlessly flows into the family room adorned with a cozy fireplace. This meticulously maintained home presents a rare opportunity at this price!
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22 Shadybend, Irvine - Offered At $3,980,000
4 Bedroom | 4.5 Bath | 4,191 SqFt Living | 5,308 SqFt Lot
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This gorgeous model-like home in The Groves at Orchard Hills offers luxurious living behind the 24-hr guard gates, featuring over $200K in premium upgrades, including 20 owned solar panels, and a premium lot for maximum privacy. The main floor impresses with its Open Floorplan, Chef-inspired Kitchen, Additional Prep Kitchen, and a Great Room that seamlessly transitions to an indoor/outdoor California Room. The serene backyard features stone pavers, a built-in BBQ, and a tranquil waterfall. There's also a convenient Main Floor Guest Bedroom and Full Bath. Upstairs, you'll discover a spacious Loft, a well-appointed Master Suite with an oversized bath and walk-in closets, along with two more spacious bedrooms and their own baths. The attached 2-car garage offers built-in storage and epoxy floors, and the property is within walking distance of Orchard Hills School and Shopping Center. This home is a hidden gem!
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1301 Pinehurst, Santa Ana - Offered At $1,575,000
5 Bedroom | 3 Bath | 3,349 SqFt Living | 8,146 SqFt Lot
Open House Sat (2/24) and Sun (2/25) from 12-3PM
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Nestled in Santa Ana's Riverglen gated community, this charming home offers privacy on a premium corner lot at the end of a cul-de-sac. With two main floor bedrooms, 39 solar panels, and an expansive 8,000+ sq ft lot, this property is a rare gem. The open floorplan, gourmet chef's kitchen, and oversized backyard make it perfect for indoor/outdoor entertaining. Upstairs, three spacious bedrooms, including a luxurious master suite, enhance the home's appeal. Complete with a 2-car garage and endless entertainment opportunities, this residence is a rare find in the market!
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Northpark Square, Irvine - Offered At $2,880,000
4 Bedroom | 3 Bath | 3,703 SqFt Living | 5,940 Sq Ft Lot Size
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Tucked away in the gated Bella Rosa community within Northpark Square, this home offers a blend of sophistication and comfort. A grand entrance leads to an open floorplan with high ceilings, travertine tile flooring, and ample natural light. The main level features a convenient downstairs master suite with a luxurious spa-like bath and two guest bedrooms with a shared bath. Upstairs, a spacious loft and another bedroom with an en suite bath await. Don't miss this rare off-market opportunity! Contact us today for a private showing.
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Orchard Hills Village IV: The Summit Update – Part 2
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Welcome to the latest update on Orchard Hills Village IV, affectionately dubbed "The Summit" by many eagerly anticipating its completion. Join us as we explore the progress of this upcoming community nestled between Culver and Jeffrey on Portola Parkway. With 250 acres of land graded and block wall fences underway, the landscape is taking shape. Notable additions include new stoplights and two entrances, named Golden Sky and Wonderview, signaling convenience and charm. As we anticipate approximately 520 homes, excitement builds for this gated haven!
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Top 3 Favorite Restaurants in Orange County
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Today, I'm excited to share with you some of my favorite food spots in Orange County! Each spot has it's own unique charm, offering a delightful mix of flavors and experiences that capture the essence of this vibrant food scene. Join me on this virtual tour of Irvine's culinary treasures and discover why these dining establishments are a hot spot!
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Double the joy, double the pride! Both of my amazing kids' robotics teams have clinched their spots in the State championships! Words can't express how incredibly proud I am of their hard work, dedication, and passion for robotics. It's truly remarkable how TUSD boasts such a robust robotics program, and we're immensely grateful to be a part of it!
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