Although inventories are higher, housing prices are, too, say local Irvine, California Realtors.

"Southern Orange County is halfway between Los Angeles and San Diego," say Realtors Kerry and Maurice Sousse. "Irvine is one of the nation's largest planned urban communities and encompasses over 47 square miles. The current population is 130,000 and is rated as one of the safest cities in the United States."

The Sousses also say, "Prices of homes in Irvine are still rising. Inventory is higher than a few months ago. The lowest price single-family home sold in August for $405,000; it has 3 bedrooms, 1.5 bathrooms, two car garage and is approximately 1524 sq. ft. The lowest price condo sold for $215,000; it has 1 bedroom, 1 bathroom, one carport and is approximately 639 sq. ft. From October 1st - 30th the total number of homes listed was 286, and a total of 198 sold. The average home stayed on the market 20 days."

Says Realtor Nicole Thome, "Irvine is known as 'center of it all' in Orange County -- diverse neighborhoods, top-rated schools, business headquarters, and plenty of shopping and entertainment."

About the market, Thome advises, "Real estate activity in Irvine is still amongst the top in Orange County. Irvine continues to be a popular place for families because of its top-rated schools. Currently, we have homes on the market ranging from $215,000 for condos to nearly $7 million for estate property in Shady Canyon. There's something for everyone in Irvine. Demand is very high in the $400,000 - $550,000 range. Likewise, condos under $300k and single-family homes under $500,000 (if you can find one!) are selling in a matter of days. This time last year, the average sales price in Irvine was $446,539. By comparison, this October ended with an average sales price of $514,291. This is on par with the average rate of increase from September."

She adds, "Seasonally, we generally start seeing fewer homes for sale in the fall; however, the low supply of homes and high demand will keep prices higher. If you have considered selling, don't let fewer homes for sale hold you back. In fact, less competition creates more demand for your home and increases the chances that you'll receive a higher price. Buyers can find much solace in that they can increase their purchasing power by taking advantage of stable interest rates. In fact, rates inched down again below 6.0 percent for a 30-year fixed."

Newer areas in Irvine are selling more quickly than the rest of Irvine, suggests Thome. "October took a slight turn for areas such as Northpark and West Irvine -- which reported only 41 homes for sale in October," she says. "This is a significant contrast to August -- where we saw 78 homes sold. Homes in the newer areas are selling at or above list price with an average of only 13 days on the market. Brand new homes in Quail Hill, Turtle Ridge and Shady Canyon are selling by priority list and swift increases from phase-to-phase. We are just starting to see a few resale homes in these areas."

"Market conditions in Irvine, Tustin, Orange, Lake Forest and surrounding areas of Central Orange County are still great for both buyers and sellers," says Vipple Kathuria. "Interest rates have gone up over the last 10 weeks, but still there are more buyers taking interest in home ownership. More sellers are putting their homes on market. You see more activity on open houses. There are multiple offers on some properties. The sellers are happy because their homes are selling fast due to a bigger than average demand and a lower inventory of homes available in the market. The prices have begun to pick up again. Like the previous two years, many people are taking money out of the stock market to invest in real estate. Interest rates are still very attractive for buyers."

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Published: November 13, 2003

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