Sweet Orange

Yesterday we looked at Trulia’s numbers, which provided foreclosure information and the current overall median selling price of homes in Irvine’s Northwood area. Today, we’ll look at Redfin numbers for a breakdown of pricing information into the detached home and condo categories. Redfin numbers show the February median sold price per square foot in Northwood at $302 for detached homes and $312 for condos. The median sold price per square foot for all Northwood homes was $304.

The Redfin graphs also show some interesting information. According to these graphs, the recent median sold price per square foot for Northwood condos is declining; however, the median sold price per square foot for Northwood detached homes is on the upswing, slightly. (See the Northwood graphs found above. The condo graph is on the left, and the detached home graph is on the right.)

• List price: $651K/$343 per SF
• Sold price: $543K/$315 per SF*
• Median days on market: 87*
• Number of homes on the market: 100
  (74 detached/26 condos; 6 bank or MSL foreclosures)

February 27, 2009

• List price: $599,000/$343 per SF
• Sold price: $522K/$310 per SF*
• Median days on market: 91*
• Number of homes on the market: 92
  (66 detached/26 condos; 7 bank or MSL foreclosures)

January 31, 2009

• List price: $609,500/$331 per SF
• Sold price: $530K/$318 per SF*
• Median days on market: NA
• Number of homes on the market: 78

December 30, 2008

• List price: $649,000/$340 per SF
• Sold price: $606K/$332 per SF*
• Median days on market: NA
• Number of homes on the market: 93

Following are some housing number from Trulia for Irvine’s Northwood neighborhood. These numbers cover February to March 2009. These statistics are for all Northwood homes (both detached and condos) and are based on the sale of 51 homes in that three-month period. This is a sales increase of 2% from the previous quarter.

Median Sold Price: $540,000

• up 5.4% from the previous period (January to February 2009)
• down 14.1% from the same period of the previous year
• up 16.1% when compared to the same period of 5 years ago

% of homes on the market that are in distress: 95%

• number of homes on the market: 102
• number of homes on the market that are in distress: 97

Even in these tough times, I thought that 95% was a high number for distressed home on the market in Irvine’s Northwood, so I rechecked the numbers. Here is exactly what Trulia say on this: “There are currently 101 resale and new homes in Northwood on Trulia, including 96 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process.”

So unless Trulia meant to write in addition to instead of including, the 95% number is correct. Also, recent numbers from Redfin showing approximately 100 Northwood homes on the market gives credence to the 95% distressed homes number. If anyone has any contrary information on this, please leave a comment.

By the way, recent information from DataQuick shows that notice of defaults in Orange County are up 19% from last year.

In the queue: more Orange County distress home sales information and a look at Redfin’s Northwood numbers, which among other things breaks down the median sold price per square foot into the detached homes and condo categories