A Look at the Housing Numbers for Irvine’s Orange Tree Neighborhood
Following are the housing numbers provided by Redfin for Irvine’s Orange Tree neighborhood. The graph, which is for the median price per square foot, is also provided by Redfin. This area consists mostly of condos; however, a few detached homes are present in this area.
This is one of the most affordable areas in Irvine; however, most of these condos have a limited amount of square footage, and the overall price tag reflects this.
Trulia has an interesting factoid on this: In spite of the much higher overall price tag for most Irvine homes, the average price per square foot for homes in Orange Tree in the first quarter of 2009 was 1.2% higher than for all Irvine homes. Trulia also states that the overall sold price per square foot is up 4.4% when compared to the same quarter last year, up 4.4% when compared to the 2008, and up a whopping 62.5% when compared to 5 years ago.
My observation is that sale prices have gone up recently, but sale numbers have decreased. Trulia states that 5 homes have sold in this area in the first quarter of 2009.
April 4, 2009
- List price: $277K/$277 per SF
- Sold price: $376K/$334 per SF*
- Median days on market: 71.5*
- Number of homes on the market: 22
(4 detached/18 condos; 3 bank and MSL foreclosures)
February 28, 2009
- List price: $254,900/$294 per SF
- Sold price: $395K/$341 per SF*
- Median days on market: 99.5*
- Number of homes on the market: 20
(4 detached/16 condos; 2 bank and MSL foreclosures)
January 31, 2009
- List price: $269,900/$302 per SF
- Sold price: $235K/$291 per SF*
- Median days on market: 96*
- Number of homes on the market: 15
December 30, 2008
- List price: $299,900/$320 per SF
- Sold price: $250K; $346 per SF*
- Median days on market: 138*
- Number of homes on the market: 15
* Based on homes sold or taken off the market in the previous 90 days