Mar272017

Irvine Housing Market Report: March 2017

Historically, properties in this market sell at a 22.3% premium. Today’s premium is 11.3%. This market is 11.0% undervalued.

Median home price is $778,900, and resale $/SF is $434/SF. Prices rose 5.0% year-over-year.

Monthly cost of ownership is $3,589, and rents average $3,214, making owning $374 per month more costly than renting.

Rents rose 4.3% year-over-year. The current capitalization rate (rent/price) is 4.0%.

Market rating = 9