By understanding more on the latest trends within their local real estate market, buyers can pinpoint purchase opportunities and achieve a lucrative return on investment. To achieve a clearer picture on a local marketplace however, buyers must turn to real estate experts for cutting-edge data. Our team here at Stanfield Real Estate is committed to working with buyers and sellers and ensuring they have the information to the make the right choice for their future real estate decisions. As part of this process, we’re now offering our guide to the latest trends in the Irvine real estate market.
RENTS GROWING CONSISTENTLY
With a thriving rental market in Irvine, business property rents have been growing consistently in recent months. The data shows that, from the third quarter of 2015 to the third quarter of 2016, rents within the Irvine Business Complex and Irvine Spectrum grew close to 18% and 21% respectively. This highlights the rapid growth in value within the business property marketplace.
ECONOMIC INDICATORS POINT TO GROWTH
A leading consideration in analyzing any city for potential real estate opportunities is the economy. Irvine continues to attract economic investment from around the globe, and now has more office space than anywhere else in Orange County. The city is now home to over 25,000 businesses, ranging from life science companies to technology companies. The city is now the third most popular destination for life science companies in California. With the proximity of UCI, the life sciences industry is experiencing widespread growth across the country, this further highlights the potential for job opportunities available in Irvine.
DECREASE IN AVAILABLE HOMES FOR SALE
From December 2015 to December 2016, there was a decrease of 12% within the available homes for sale throughout the Irvine marketplace. This highlights the increase in the number of people now choosing Irvine as their home city. This is also showcased in the increased average purchase price within the city. For example, in December 2015, the average purchase price for a 3-bedroom Irvine home was $708,633. In December 2016, the average price for a 3-bedroom Irvine home was $751,927, which represents a 6% increase on the 2015 home sales.
LOW UNEMPLOYMENT RATE
Another positive economic indicator for the city was the low unemployment rate in Irvine. The unemployment rate in November 2016 was 2.8%, down from 3.2% in the same month in 2015. This again highlights the increasing number of companies that are settling within Irvine.
SIGNIFICANT LOCAL DEVELOPMENT
Local city officials have also allocated increased funding to building initiatives within Irvine. An example of the building taking place throughout the city is the Orange County Great Park, which, when opened in 2019, will offer residents access to a 194-acre sports park with soccer fields, tennis courts, volleyball courts, a water park, and more.
It’s an exciting time for those considering Irvine as the future home for their family! To learn more on the latest trends and speak with an expert on the real estate opportunities available in the local region, call us today at 949.392.5600.