End of July Summer Market Report for The Irvine Housing Market

Halfway through summer and the Irvine Market is seeing signs of normalcy.  The listings in the most desirable locations and the properties with the finest appointments and amenities are moving for top dollar.  The remaining inventory must be priced well for a quick sale.  Otherwise, we are seeing a 30 to 60 day, or even longer, shelf life for some listings prior to movement.  These homes are typically having at least one or two price adjustments prior to selling, dependent on how aggressive the listing was originally priced.

The inventory level over the summer has definitely had an impact on how and which listings are selling.  In June of 2013, we had an active listing inventory of 533 homes in Irvine.  Our number for June 2014 was 829, showing an increase of nearly 36% in our active inventory level.  The numbers in for July show that we are continuing the upward trend in inventory with 943 current active listings.  With this influx of inventory we would have hoped to see that the amount of sales would have also increased yet we saw the sold listings nearly remain identical with June of 2013.  We saw a 2% decrease of sold listings, 242 in June of 2013 to 237 in June of 2014.  We are continuing to see pricing rise as our sold average price and sold median price increased.  The sold average price increased 7.17% from $750,000 in June of 2013 to $808,000 in June of 2014.  The median sold price had an increase of 4.92% from $638,000 in June of 2013 and was at $671,000 in June of 2014.

Overall the activity in my branch is high and there is a buzz amongst the agents.  We have been getting some beautiful higher end listings, including a brand new listing in Shady Canyon priced at $13,288,000.

We are in a Realtor’s market in which the agents with the best value proposition and best presentation to the seller will thrive.  We will also have to master the art of teaching our agents about price reductions.  The best listings will be selling quickly and for top dollar, with the remaining inventory needing longer marketing time and/or price adjustments dependent upon the seller’s individual needs.   As we see a steady influx of brand new licensees entering our market, we will need to train on the art of pricing and price adjustments in the months to come

By Erol Bayraktar Branch Manager Coldwell Banker Residential Brokerage Irvine

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About erolbayraktar

Erol Bayraktar, BRE 00179251 Manager Coldwell Banker Previews International Irvine Erol Bayraktar brings with him a broad background as branch manager of the Coldwell Banker Quail Hill – Irvine office. Erol is an Orange County native and began his real estate career in 1994. Erol’s success and extensive experience in selling homes in the luxury market proves to be a cherished resource for Coldwell Banker agents. He has earned numerous top-producer awards with the successful completion of more than 100 transactions. Erol has an extensive track record of helping his agents achieve top producer status while utilizing his internet expertise, personal coaching, training and business development. He works constantly with agents to develop marketing materials and advertising programs that differentiate themselves in the marketplace and generate income-producing leads. He values the benefits that technology can provide to agents in order to help them become more efficient and more productive. “I constantly strive to take our sales associates and office to the next level. It is my goal for our customers to continue to be extremely satisfied with the services we provide through our professionalism, market knowledge, personal attention and complete family of services experience. It is my goal to help others enjoy the same levels of success that I have been fortunate to enjoy!” Coldwell Banker Quail Hill – Irvine agents benefit from a manager who is available 24/7 to assist with any situation. Erol provides backup for his agents with various situations in which they need advice or support. Prior Sales Manager Prudential California Realty Yorba Linda Erol Bayraktar brings a broad background to the job of managing an office. His Experience includes a track record of success in real estate as well as helping agents achieve top producer status as sales manager and trainer using his expertise in personal coaching and business development. Having grown up in Yorba Linda, Erol began his Real Estate career in 1994. Since then, he has constantly striven to work in the Luxury markets and higher end price ranges. Erol has been recognized by his former companies for his outstanding production in the luxury market. He has listed and personally sold homes up to $4.4 million dollars and managed listings for his team up to $11 million dollars. Erol’s extensive experience in selling estate homes will prove to be a wonderful resource for Prudential’s agents, who already have a strong presence with Fine Homes in Yorba Linda and across North Orange County. Rich Cosner, owner of Prudential California Realty, is thrilled to welcome such an exciting addition into his Prudential family. “Erol is a knowledgeable and very professional addition to our management team,” says Rich. “His experience in the high end price ranges makes him a perfect fit for our Yorba Linda branch. I am confident that his experience and background will be a tremendous advantage to our agents in our Yorba Linda marketplace!” Top Producer Experience As a native of Orange County, Bayraktar applies his impressive local market knowledge to his practice – which has earned him numerous top-producer awards and has ensured his successful completion of more than 100 real estate transactions. After spending the past two and a half years focusing on Luxury Estate Sales with the McMonigle Group, Bayraktar now brings his unwavering commitment to client service and proven sales talents to Prudential California Realty. Coaching & Training Agents for Success Erol is equally thrilled to work with Prudential California Realty and the Sales Associates in the Yorba Linda office, who have already been recognized as the top ranking real estate office for the area for all of 2009. “I look forward to taking the sales associates and the office production to an even higher level. It is my goal for our customers to continue to be extremely satisfied with the services we provide through our professionalism, market knowledge, personal attention, and complete family of services experience. I have always wanted to be in a leadership position where I can help others enjoy the same success that I have been fortunate to enjoy!” Availability 24/7 Agents in the Yorba Linda Office benefit from a manager who is available 24/7 to assist with any situation. Erol provides back up for his agents with various situations in which they need advice or support. A Passion for Excellence in Business Development, Technology and Marketing Erol works constantly with his agents to develop marketing materials that differentiate themselves in the marketplace and generate income-producing leads.

Posted on August 4, 2014, in Uncategorized. Bookmark the permalink. Leave a comment.

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