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

Trulia statistics state that the median price for all Westpark homes selling in the first quarter of 2009 was $462,000. This is a decrease of 20.0% when compared to the previous quarter, an increase of 4.5% when compared to the previous year, and a decrease of 6.5% when compared to the price of 5 years ago. The number of sales stayed constant when compared to the number of sales one year ago.

Trulia states that the average price per square foot in the first quarter of 2009 was $339. This is up 11.1% from the same period last year.

Trulia also states that 21 homes sold in Westpark during the first quarter of 2009, and 47 homes are currently on the market in Westpark. With 41 of these homes in the pre-foreclosure or bank-owned stage of the foreclosure process, a remarkably high percentage of the Westpark homes are in distress.

Following are some Westpark numbers provided by Redfin. For more information on this area, see the Westpark map.

April 4, 2009

• List price: $700K/$359 per SF
• Sold price: $443K/$326 per SF*
• Median days on market: 88*
• Number of homes on the market: 39
  (30 detached/9 condos; 0 Bank and MSL foreclosures)

February 27, 2009

• List price: $744,000/$361 per SF
• Sold price: $594K/$324 per SF*
• Median days on market: 127*
• Number of homes on the market: 34
  (28 detached/6 condos; 0 Bank and MSL foreclosures)
  

January 31, 2009

• List price: $737,000/$366 per SF
• Sold price: $580K/$358 per SF*
• Median days on market: 96*
• Number of homes on the market: 24

December 30, 2008

• List price: $749,000/$358 per SF
  
• Sold price: $572K/$369 per SF*
• Median days on market: 83.5*
• Number of homes on the market: 25

Sources: Redfin; Trulia

Tomorrow: Westpark: The Highs, the Lows, and the In Between

Following are the housing numbers provided by Redfin for Irvine’s Orange Tree neighborhood. The graph, which is for the median price per square foot, is also provided by Redfin. This area consists mostly of condos; however, a few detached homes are present in this area.

This is one of the most affordable areas in Irvine; however, most of these condos have a limited amount of square footage, and the overall price tag reflects this.

Trulia has an interesting factoid on this: In spite of the much higher overall price tag for most Irvine homes, the average price per square foot for homes in Orange Tree in the first quarter of 2009 was 1.2% higher than for all Irvine homes. Trulia also states that the overall sold price per square foot is up 4.4% when compared to the same quarter last year, up 4.4% when compared to the 2008, and up a whopping 62.5% when compared to 5 years ago.

My observation is that sale prices have gone up recently, but sale numbers have decreased. Trulia states that 5 homes have sold in this area in the first quarter of 2009.

April 4, 2009

• List price: $277K/$277 per SF
• Sold price: $376K/$334 per SF*
• Median days on market: 71.5*
• Number of homes on the market: 22
  (4 detached/18 condos; 3 bank and MSL foreclosures)

February 28, 2009

• List price: $254,900/$294 per SF
  
• Sold price: $395K/$341 per SF*
• Median days on market: 99.5*
• Number of homes on the market: 20
  (4 detached/16 condos; 2 bank and MSL foreclosures)

January 31, 2009

• List price: $269,900/$302 per SF
• Sold price: $235K/$291 per SF*
• Median days on market: 96*
• Number of homes on the market: 15

December 30, 2008

• List price: $299,900/$320 per SF
• Sold price: $250K; $346 per SF*
• Median days on market: 138*
• Number of homes on the market: 15

* Based on homes sold or taken off the market in the previous 90 days

Sources: Redfin; Trulia

Following are the Costa Mesa detached home housing numbers that cover the last six months. For previous Costa Mesa 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 Costa Mesa condo numbers

Median List Sales Price:

• March 20, 2009: $640K/$352 per square foot
• February 22, 2009: $650K/$352 per square foot
• January 30, 2009: $630K/$342 per square foot
• December 31, 2008: $629K/$343 per square foot
• November 30, 2008: $630K/$345 per square foot
• October 27, 2008: $674K/$352 per square foot

Median Sold Price*:

• March 20, 2009: $466K/$299 per square foot
• February 22, 2009: $460K/$307 per square foot
• January 30, 2009: $470K/$334 per square foot
• December 31, 2008: $499K/$343 per square foot
• November 30, 2008: $504K/$341 per square foot
• October 27, 2008: $525K/$338 per square foot

Median Days on Market*:

• March 20, 2009: 109
• February 22, 2009: 118
• January 30, 2009: 117
• December 31, 2008: 110
• November 30, 2008: NA
• October 27, 2008: 89

Number of Homes on the Market (Inventory):

• March 20, 2009: 255 (19 foreclosures)
• February 22, 2009: 258 (17 foreclosures)
• January 30, 2009: 249 (33 foreclosures)
• December 31, 2008: 250 (35  foreclosures)
• November 30, 2008: 284 (31 foreclosures)
• October 27, 2008: 291 (17 foreclosures)

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

• March 20, 2009: 15.04
• February 22, 2009: 15.43
• January 30, 2009: 16.71
• December 31, 2008: 17.98
• November 30, 2008: 18.46
• October 26, 2008: 18.45

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