325 Tangelo #324, Irvine (Orange Tree)

92618 Median Selling Price

• June 2010: $605,500 (up 89.2% y-o-y)
• May 2010: $628,500 (up 44.5% y-o-y)
• April 2010: $690,500 (up 29.4% y-o-y)
  For comparison: According to Redfin, the April median selling price for this ZIP was $615,000 or $315 per square foot.
• March 2010: $602,500 (up 28.26% y-o-y)

20 Small Grove, Irvine (Portola Springs)

92618 Number of Sales

• June 2010: 140 (up 775.0% y-o-y)
• May 2010: 76 (up 300.0% y-o-y)
• April 2010: 25 (up 92.3% y-o-y)
• March 2010: 35 (up 483.33% y-o-y)

Note: The photos are of the least expensive ($208,800–a short sale) and the most expensive ($1,799,000) homes that are currently on the market in this ZIP code.

Source unless otherwise noted: DataQuick

• 36 Pathway (Portola Springs): 2 bed/2 bath condo, 1312 SF, built in 2006, has Mellos Roos tax and HOA fee
  Asking price: $449,000 ($342/SF)
  

• 28 Gereanium #43 (Oak Creek): 2 bed/2 bath condo, 1350 SF, built in 2001, has Mellos Roos tax and HOA fee
  Asking price: $450,000 ($333/SF)
  
• 43 Tangerine (Orange Tree): 2 bed/2 bath single-family, 1138 SF, built in 1976, has a relatively modest HOA fee ($184.45 per month) but no Mellos Roos tax, one of the few single-family homes in the Orange Tree neighborhood
  Asking price: $450,000 ($395/SF)
  

Up next: the 92620 ZIP, which includes the Woodbury and Northwood neighborhoods

Woodbury East

Today is a continuation of our survey of DataQuick’s housing numbers for Irvine broken down by ZIP. Up today is the 92618 ZIP, which  includes Portola Springs, Oak Creek, Orange Tree, and Woodbury East. The DataQuick numbers are for single-family residences, condos, and new homes.

Median Selling Price

• May 2010: $628,500 (up 44.5% y-o-y)
• April 2010: $690,500 (up 29.4% y-o-y)
• March 2010: $602,500 (up 28.26% y-o-y)

Number of Sales

• May 2010: 76 (up 300.0% y-o-y)
• April 2010: 25 (up 92.3% y-o-y)
• March 2010: 35 (up 483.33% y-o-y)

The most likely reason for the 300% increase in sales is the entry onto the market of the new Woodbury East homes.

Up next: some 92518 homes priced under the median

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