Sweet Orange

As a recent post shows, homes in low-priced areas such as parts of Anaheim, Stanton, and Garden Grove are selling much better than homes in the high-priced areas. MDA DataQuick reports the same:

Sales rose 120 to 150 percent in parts of Anaheim and Stanton where prices ranged from $250,000 to $310,000, reports MDA DataQuick.–”Housing sales jump,” The Orange County Register

The Register article goes on to say that brokers are reporting that homes above $500,000 continue to sell slowly.

So, to check this out, let’s take a look at what is happening in two of these ZIPs that have homes priced on the lower end of the market: Anaheim’s 92804 and 92805.

A DataQuick/Orange County Register chart shows that the number of home sales in July in the 92804 ZIP  increased by 11.9% when compared to the July 2008 sales numbers. However, Trulia shows that the May 2009 to July 2009 sales in the 92804 ZIP decreased by 25.2% when compared to prices of one year ago.

In addition, DataQuick reports that in July Anaheim’s 92805 ZIP, had the second highest increases in the number of sales in Orange County when compared to the same time last year (+123.1%). However, Trulia numbers show a less impressive increase. According to Trulia,  the May 2009 to July 2009 sales in the 92805 ZIP increased by 7.1% when compared to prices of one year ago.

Trulia’s numbers cover a longer time period and, therefore, it is not surprising that the numbers differ. However, watching the numbers from these two sources in the coming months to see if they converge or continue in different directions will be interesting. They should give a clearer picture of which Orange County areas are seeing increases in the number of homes sold and by how much.

According to an article in The Orange County Register by Matthew Padilla, the percentage of foreclosures increased 50% or more in the following Orange County ZIP codes: 90740 (Seal Beach), 92823 (Brea), 92604 (Irvine-Woodbridge), 92625 (Corona del Mar), 92651 (Laguna Beach), 92629 (Dana Point), 92679 (Trabuco Canyon).

However, this does not mean that these ZIPs have the highest number of foreclosures when compared to the number of homes in each of these Orange County ZIPS–only that they are seeing the biggest increase in the number of foreclosure when compared to the same period one year ago.

According to Trulia, the percentage of home on the market in each of these ZIPs that are distressed sales is as shown below. Trulia defines distressed as “homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process.”

90740 (Seal Beach)

• Median sold price: $710,000 (however, the average list price is $406,381)
• 334 new and resell homes listed
• 35 distressed properties
• % distressed properties: 9.5%

92823 (Brea)

• Median sold price: $569,000 (however, the average list price is $742,482)
• 34 new and resell homes listed
• 19 distressed properties
• % distressed properties: 36%

92604 (Irvine, Woodbridge)

• Median sold price: $494,500 (however, the average list price is $580,821)
• 85 new and resell homes listed
• 112 distressed properties
• % distressed properties: 57%

92625 (Corona del Mar)

• Median sold price:$1,260,000 (however, the average list price is $2,781,408)
• 246 new and resell homes listed
• 54 distressed properties
• % distressed properties: 18%

92651 (Laguna Beach)

• Median sold price:$1,100,000 (however, the average list price is $3,746,754)
• 515 new and resell homes listed
• 111 distressed properties
• % distressed properties: 17.7%

92629 (Dana Point)

• Median sold price:$650,000 (however, the average list price is $1,693,055 )
• 299 new and resell homes listed
• 163 distressed properties
• % distressed properties: 35.3%

92679 (Trabuco Canyon, Dove Canyon, Coto de Caza)

• Median sold price:$640,000 (however, the average list price is $1,648,131)
• 324 new and resell homes listed
• 256 distressed properties
• % distressed properties: 44%

While they did not have as large a percentage increase as the ZIPs listed above, the following ZIPS also had an increase in the percentage of foreclosures (1%-49%):

• 90623 (La Palma)
• 92649 (Huntington Beach)
• 92886 (Yorba Linda)
• 92614 (Irvine, Woodbridge)
• 92692 (Mission Viejo)
• 92673 (San Clemente)
• 92672 (San Clemente)

In all  other Orange County ZIPs (those not listed in this post), the percentage of foreclosures decreased when compared to a year ago (June 2008). Again, this does not mean that these ZIPs had the smallest percentage of foreclosure–only the smallest increase from the previous year.

Note: Different groups use different inputs and, therefore, come up with different percentages. For example, in June, Steve Thomas of Altera stated that Irvine had 29.6% distressed homes on the market. However, Trulia numbers at that time showed that Irvine had 41% distressed homes on the market.

Tomorrow: a look at the O.C. ZIPs in which the increase in foreclosures decreased by 60% or more from the previous year. Hint: They are mostly at the lower-end of the market.