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SURGING INVENTORY FOR SPRING MARKET: Inventory has shot up by 17% since the year began, suggesting some relief from the inventory crisis. It's the first time since last April that we've seen more homes available compared to the previous year. Despite mortgage rates fluctuating between 6.6% and 7.1%, demand remains strong, demonstrating market resilience in the face of higher mortgage rates.
ATTENTION BUYERS! While active inventory has risen by 5% in recent weeks, inventory still remains 61% lower than the pre-COVID 3-year average. As such, the market continues to be extremely hot with fierce competition, bustling open houses, and prices soaring over the asking price. Many buyers are waiting for the Federal Reserve to cut rates this year but when rates fall, demand will only further elevate with even more intense competition. Don't hesitateāseize the opportunity and jump into the market now!
ATTENTION SELLERS! While the market remains scorching hot and sellers hold the upper hand in negotiations, some sellers may be overly ambitious, holding out for inflated asking prices. In the face of higher rates, many buyers will not submit an offer when prices are beyond reason. This is why a notable 22% of active listings have already slashed their prices at least once. As inventory continues to climb, sellers must be realistic in their pricing strategies to ensure success.
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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January 2024 - April 2024 (4-Month Look Back)
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March 2023 - March 2024 (12-Month Look Back)
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Market Action Index (MAI)
Comparison rate of sales versus inventory
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Home sales continue to outstrip supply and the Market Action Index has been moving higher for several weeks. This is a Sellerās market so watch for upward pricing pressure in the near future if the trend continues.
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62 Linhaven, Irvine - Offered At $1,800,000
4 Bedroom | 2.5 Bath | 2,480 SqFt Living | 6,125 SqFt Lot Size
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Stunning entertainer's dream home in the sought-after community of Amberwood, West Irvine. This impressive property features 4 bedrooms, 3 baths, solar panels, and a spacious backyard with a private pool, spa, firepit, and outdoor BBQ/kitchen on a 6,100+ SQ FT lot! Inside, enjoy the open floorplan with high ceilings, upgraded luxury vinyl flooring, and plantation shutters. The chef-inspired kitchen boasts upgraded white cabinetry, Quartz countertops, and stainless steel appliances. Upstairs, find 4 spacious bedrooms including an oversized primary suite with a upgraded bathroom. Additional features include a central vacuum system, 2-car garage, and NO HOA! Close to Citrus Ranch Park, Tustin Marketplace, and zoned for award-winning Tustin Unified Schools.
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Northpark, Irvine - Offered At $2,400,000
3 Bedroom + Loft | 3 Bath | 2,470 SqFt Living | 4,445 Sq Ft Lot Size
On Market - Mid-May 2024
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Indulge in luxury living within the prestigious gated community of Northpark. This meticulously upgraded 3-bedroom plus loft (which can easily convert to a 4th bedroom) boasts stunning wood-tile flooring, abundant custom built-ins, an upgraded Chef's kitchen, a separate home office, and much more! Situated on a premium corner lot backing onto a lush greenbelt, enjoy unparalleled privacy and scenic views. Embrace seamless indoor/outdoor living with upgraded stacked glass doors leading to the breathtaking backyard oasis featuring a pool, spa, firepit, and built-in BBQ. Don't miss out on this rare gem!
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Northpark Square, Irvine - Offered At $3,200,000
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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ENTER TO WIN Our Home Improvement Giveaway for a chance to Win One of These Grand Prizes Compliments of Ellie Yung Real Estate & Coldwell Banker Realty!ā
$500 THE HOME DEPOT GIFT CARD | 6 Winnersā
$300 THE HOME DEPOT GIFT CARD | 5 Winnersā
ā $150 THE HOME DEPOT GIFT CARD | 15 Winnersā
Entry Dates will be from April 19-31! ā The winner will be chosen on or around May 1st.ā
GOOD LUCK!
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To obtain a complimentary instant home valuation and quick peek at the market activity near your home, please click the button below.
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There will be a new video each week so be sure to subscribe!
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Real Estate Boom: Your Ticket to Wealth
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Ever wondered if now is the right time to invest in real estate? In this eye-opening video, I delve into a conversation with a past client that sheds light on the crucial question: "Why Buy Now?" We discuss the astonishing appreciation of properties over the years and the missed opportunities that come with waiting. Learn from our insights and avoid the regret of not seizing the moment. Don't let the future pass you byāwatch now and take the first step towards securing your financial future!
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Seller Success Story: 15 Offers in 5 Days
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15 offers in just 5 days!! From strategic pre-marketing to a crazy open house with over 150+ eager visitors, witness the proven methods that contributed to selling this home for its highest price ever. Stay tuned to learn the final sales price!
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I had the incredible honor of receiving the International President's Elite award at the Coldwell Banker annual gala in Palm Desert. I want to express my heartfelt gratitude to my amazing clients and family for their continuous support. This award means the world to me, and I couldn't have achieved it without you all!
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