One-third of Irvine listings are distressed homes

Irvine real estate for sale remains quicker than the overall Orange County market, although one third of the city’s listings are distressed homes, one analysis shows.

Every two weeks, Steve Thomas of ReportsOnHousing.com publishes a study of the supply of local homes for sale. Here’s what the latest report — as of January 5 — details about Irvine .

• 572 residences listed in brokers’ MLS system with 166 new deals opening in the past 30 days.
• By Thomas’s math, this community has a “market time” (months in would take to sell all inventory at current pace of new escrows) of 3.45 months vs. 3.37 months found two weeks earlier vs. 4.99 months seen a year earlier. Countywide, latest market time was 3.65 months vs. 5.10 months a year ago.
• So, homes in this community sell — in theory — in 6% less time than the countywide pace.
• Of the homes listed for sale in this community, 192 were either foreclosures being resold or short sales, where sellers owe more than the home’s value. So distressed properties were 33.6% of supply of homes for sale vs. 38.7% countywide.
• Homes for sale in Irvine represent 7.0% of Orange County inventory — and 6.1% of all the distressed homes listed for sale in Orange County. New escrows here are 7.5% of all Orange County’s new pending sales.

Compare these trends to countywide patterns:

• Cities with highest level of distressed properties among their listings? Portola Hills was tops — 87.5% — followed by Rancho Santa Margarita at 66.4% of listings and Ladera Ranch at 66.1% of listings.
• Fewest? Corona Del Mar was tops — 4.4% — followed by Seal Beach at 4.7% of listings and Laguna Woods at 8.1% of listings.