How LOW will it go?!

Right now, there are only 16 Woodbridge homes listed for sale! Inventory is the lowest it's ever been that I can remember!!! There are 161 properties for sale elsewhere in Irvine. In August last year I posted a blog about the super-low inventory, but it's gotten even lower! 

See this chart showing active Irvine housing inventory since December 2005.

20 Woodbridge homes sold in December 2012, at prices from $268K, (for a 3 bedroom short sale condo at 3213 Briarwood), to $1.2 million for 19 Buckthorn, a 5 bedroom standard sale single family home in the Gables tract.

The prices of Woodbridge homes for sale right now, range from $379,500 for a 3 bedroom 1,117 square foot attached condo at 110 Echo Run, (standard sale) in the Park Vista tract, to $1,750,000 for a 2 bedroom 3,363 square foot SFR at 18 Bayview!

31 Woodbridge homes are in escrow, (Pending or Backup Offers status), at a total list price a little over of $13.5 million.

I hear from fellow-agents all the time "there's nothing to sell!", but there ARE homes to sell. In fact more Woodbridge homes sold in 2012 than in 2011, (298 vs 259). That's a 15% increase. 

Read some of my previous blogs to see what I do to find my buyer clients homes when there are none!  :)

Clearly the inventory "problem" isn't caused by sellers not listing their homes, (because they ARE), but rather by buyers who snap these homes up, (competing with multiple other offers), thus reducing the available inventory. 

Will the inventory drop any further? How low can it possibly go? Stay tuned....