Sweet Orange

In the next week or two, we will be following  some recent numbers from DataQuick’s for housing in each of Irvine’s ZIP codes. The DataQuick numbers are for single-family residences, condos, and new homes.

Up today is the 92602 ZIP, which includes the Northpark and West Irvine neighborhoods. The photo is of 63 Congress #10, which is a West Irvine home that is priced near the median selling price of homes in the 92602 ZIP.

Median Selling Price

• April 2010: $637,000 (down 1.2% y-o-y)
• March 2010: $634,250 (up 3.48% y-o-y)

Number of Sales

• April 2010: 24 (up 20.0% y-o-y)
• March 2010: 26 (up 30.00% y-o-y)

Note: Up next is 92603 ZIP, which includes Shady Canyon.Turtle Ridge, Turtle Rock, and Quail Hill.

In yesterday’s post, I compared two similarly priced homes in Irvine’s 92602 ZIP code. If you are interested in buying a home in this area (or just curious), here is a look at some recent housing statistics for this ZIP that might help.

As reported by Redfin, the housing numbers for Irvine’s 92602 ZIP code, which includes Irvine’s Northpark and West Irvine neighborhoods, were as follows in July 2009. The graphs, courtesy Redfin, are in descending order: 92602 inventory, 92602 detached house price per square foot, 92602 condo price per square foot.

Homes on market (inventory)

• detached house–56
• condos–72

Median price per square foot

• detached house
  list–$346/SF
  sold–n/a

• condo
  list–$318/SF
  sold–n/a

Price reductions*:

• Percentage of home with price reductions
  Detached house–38.9%
  Condo–33.3%
• Total percent of the reduction
  Detached house–5.7%
  Condo–3.6%

Median days on Redfin*

• Detached house: 68
• Condo: 48

Also note that the Redfin’s overall list price for the 92602 ZIP in July 2009 was $595,000, and the May 2009 sold price was $628,000. In addition, 25 homes in this ZIP sold in May 2009.

*Based on homes sold or taken off the market between June 3, 2009 and September 1, 2009

Following are some housing market numbers for Irvine. The 92603, 92604 and 92614 ZIPs are particularly interesting.

Note that the 92603 July asking price of $582 per square foot seems particularly unrealistic considering that the July selling price for the 92603 ZIP was $374 per square foot. The 92603 ZIP includes some of the most expensive homes in Irvine, including Irvine’s most expensive neighborhood, Shady Canyon. Other neighborhoods in Irvine’s 92603 include Quail Hill, Turtle Rock, and Turtle Ridge.

You might also want to pay special attention to the Woodbridge ZIPs: 92604 and 92614. As reported in the The Orange County Register, the increase in the percentage of Woodbridge foreclosures are some of the  highest in Orange County, especially in the 92604 ZIP. The 92604 ZIP includes the upper part of the Woodbridge neighborhood as well as the  El Camino neighborhood (See the map.)

According to DataQuick, Irvine’s July 2009 housing numbers by ZIP are as follows: ZIP/Median Selling Price/% change in price from previous month/# of homes sold/% change in number sold from previous month (DQNews).

Tomorrow: Irvine detached and condo stats