Sweet Orange

Last week, I posted the price per square foot numbers for Costa’s Mesa’s 92626 and 92627 ZIPs. For comparison, here are the price per square foot numbers for Costa Mesa as a whole and Orange County as a whole.

February 2010 median price per square foot numbers for all Costa Mesa:

• House–$345 (up 13.7% from February 2009)
• Condo–$243 (up 39.7% from February 2009)
• Both (House + condo)–$304 (up 8.4% from February 2009)

Graphs: Price/SF Costa Mesa houses, Price/SF Costa Mesa condos–February 2010

February 2010 median price per square foot numbers for all Orange County:

• House–$283 (up 4.8% from February 2009)
• Condo–$234 (up 7.8% from February 2009)
• Both (House + condo)–$270 (up 4.7% from February 2009)

Graphs: Price/SF Orange County houses, Price/SF Orange County condos–February 2010

Source:  Redfin

Here is a look at which three-bedroom condos with a list price under $450,000 are available in Costa Mesa. They are listed from low to high. Four of these eight homes are short sales, and one is bank owned.

Note that no three-bedroom Eastside Costa Mesa homes are available at this price. The lowest-priced three-bedroom homes in Eastside Costa Mesa are two homes listed under $500,000: a condo and a single-family home. The condo is listed at $475,000, and the single-family home is listed at $499,000. Both are short sales.

114 Yorktown Lane, Central Costa Mesa, CA 92626

• Asking price: $264,000 ($214/SF)
• What: 1967 condo with 1240 SF
• HOA: $220
• This is bank-owned

3430 Hollow Brook Circle #115, South Coast Metro, CA 92626

• Asking price: $299,000 ($226/SF)
• What: 1976 condo with 1325 SF
• HOA: $320 and $175

377 Avocado Street Unit E, Central Costa Mesa, CA 92627

• Asking price $325,000 ($262/SF)
• What: 1991 condo with 1240 SF and two-car garage
• HOA: $156

380 W Wilson Street Unit A103, Central Costa Mesa, CA 92627

• Asking price: $355,000 ($215/SF)
• What: 1980 condo with 1650 SF
• HOA: $225
• This is a short sale.

543 Victoria Unit O, Southwest Costa Mesa, CA 92626

• Asking price: $375,000 ($288/SF)
• What: 1989 condo with 1300 SF
• HOA: $265
• This is a short sale.

Address not listed, Central Costa Mesa, CA 92627

• Asking price: $385,000 ($242/SF)
• What: 1994 4-unit PUD, From the listing description: “The property is located in a small 4 unit PUD at the end of a cul de sac street that is close to shopping, freeways, restaurants and schools. It is in need of work but could be a good deal for an investor or someone who could do some fix up work.”
• HOA: $65
• This is a short sale.

908 Hyde Court, South Coast Metro CA 92626

• Asking price: $425,000 ($229/SF)
• What: 1979 condo with 1853 SF
• HOA: $360

2243 Pacific Avenue #14, Southwest Costa Mesa, CA 92627

• Asking price: $430,000 ($258/SF)
• What: 1980 condo with 1669 SF
• HOA: $218
• This is a short sale.

According to Redfin, Irvine’s July housing stats broken down by detached houses and condos categories were as follows. Note that condos play a significant role in Irvine’s housing stock, In July, 59% of the Irvine homes that were on the market were condos.

Home on the market (Inventory)

• Detached house: 487
• Condo: 701

Median price per square foot

• Detached house
  List: $370/SF
  Sold: $322/SF
• Condo
  List: $343/SF
  Sold: $328/SF

Price reductions*:

• Percentage of home with price reductions
  Detached house–36.1%
  Condo–37.1%
• Total percent of the reduction
  Detached house–7.4%
  Condo–6.3%

Days on Redfin*

• Detached house: 62
• Condo: 66

Also note that Redfin’s overall list price in July 2009 was $620,000, and the May 2009 sold price was $570,000. In addition, 239 Irvine homes sold in May 2009.

*Based on homes sold or taken off the market between June 2, 2009 and August 31, 2009

Source: Redfin

Following are the Irvine condo numbers that cover the last six months. Since condos play a significant housing role in Orange County, they are worth tracking separately. For example, Irvine has slight more condos on the market than detached homes. For previous Irvine  condo stats, see  my post from my past life as a Redfin blogger. More later on what these housing numbers mean.

Median List Sales Price:

• March 20, 2009: $500K/$351 per square foot
• February 22, 2009: $499K/$357 per square foot
• January 30, 2009: $479K/$356 per square foot
• December 31, 2008: $490K/$357 per square foot
• November 30, 2008: $499K/$357 per square foot
• October 27, 2008: $500K/$366 per square foot

Median Sold Price*:

• March 20, 2009: $415K/$310 per square foot
• February 22, 2009: $425K/$315 per square foot
• January 30, 2009: $425K/$315 per square foot
• December 31, 2008: $435K/$344 per square foot
• November 30, 2008: $465K/$346 per square foot
• October 27, 2008: $472K/$349 per square foot

Median Days on Market*:

• March 20, 2009: 98
• February 22, 2009: 93
• January 30, 2009: 88
• December 31, 2008: 88
• November 30, 2008: 93
• October 27, 2008: 89

Number of Homes on the Market (Inventory):

• March 20, 2009: 511 (22 foreclosures)
• February 22, 2009: 483 (30 foreclosures)
• January 30, 2009: 439 (33 foreclosures)
• December 31, 2008: 421 (37  foreclosures)
• November 30, 2008: 457 (23 foreclosures)
• October 27, 2008: 477 (16 foreclosures)

*Based on homes sold or taken off market in the previous 90 days. These include MSL-listed, for-sale-by-owner, and bank-foreclosure homes.

Source unless otherwise noted: Redfin

Following are the Irvine detached home numbers that cover the last six months. For previous Irvine detached home stats, see  my post from my past life as a Redfin blogger. More later on what these housing numbers mean.

Tomorrow: a look at the Irvine condo statistics

Median List Sales Price:

• March 20, 2009: $850K/$370 per square foot
• February 22, 2009: $849K/$375 per square foot
• January 30, 2009: $859K/$376 per square foot
• December 31, 2008: $850K/$370 per square foot
• November 30, 2008: $875K/$375 per square foot
• October 27, 2008: $899K/$378 per square foot

Median Sold Price*:

• March 20, 2009: $700K/$326 per square foot
• February 22, 2009: $710K/$326 per square foot
• January 30, 2009: $743K/$328 per square foot
• December 31, 2008: $730K/$332 per square foot
• November 30, 2008: $690K/$327 per square foot
• October 27, 2008: $699K/$330 per square foot

Median Days on Market*:

• March 20, 2009: 91
• February 22, 2009: 96
• January 30, 2009: 92
• December 31, 2008: 85
• November 30, 2008: 82
• October 27, 2008: 83

Number of Homes on the Market (Inventory):

• March 20, 2009: 448 (17 foreclosures)
• February 22, 2009: 434 (17 foreclosures)
• January 30, 2009: na
• December 31, 2008: 351 (24  foreclosures)
• November 30, 2008: 386 (17 foreclosures)
• October 27, 2008: 383 (6 foreclosures)

Market Action Index (Source: Altos Research, see note below) :

• March 22, 2009: 16.35
• February 22, 2009: 16.85
• January 30, 2009: 16.48
• December 31, 2008: 19.31
• November 30, 2008: 18.93
• October 26, 2008: 19.32

Note: The Altos Market Action Index shows the balance between potential buyers and sellers, in other words, the balance between supply and demand. Above 30 is a sellers’ market; below 30 is a buyers’ market. Also, note that the Altos numbers are for detached homes only (condos are not included) and that the Altos median sales price and median price per square foot are for the list price, not the sold price.

*Based on homes sold or taken off market in the previous 90 days. These include MSL-listed, for-sale-by-owner, and bank-foreclosure homes.

Source unless otherwise noted: Redfin