Sweet Orange

2220 Scholarship (IBC)

Today is a continuation of our survey of DataQuick’s housing numbers for Irvine broken down by ZIP. Up today is the 92612 ZIP, which includes IBC (Airport Area), Rancho San Joaquin, University Park and University Town Center. The DataQuick numbers are for single-family residences, condos, and new homes.

Median Selling Price

• April 2010: $445,000 (up 6.0%  y-o-y)
• March 2010: $430,000 (down 1.83% y-o-y)

Number of Sales

• April 2010: 33 (up 73.7% y-o-y)
• March 2010: 34 (up 100.00% y-o-y)

The photo is of 2220 Scholarship, a mid-rise condo in Irvine’s urban village area that is called the IBC (also called the Airport Area on most real estate listings). At $450,000. this home, which is part of the Avenue One development, is priced near the overall median selling price of homes in the 92612 ZIP. However, the IBC’s overall selling price is somewhat lower than is the median selling price for homes in the various 92612 neighborhoods combined. This is one of the problems that exist when homes in Irvine are grouped by ZIP instead of by neighborhood.

Up next: the 92618 ZIP, which includes Portola Springs, Oak Creek, Orange Tree, and Woodbury East

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