Sweet Orange » price reductions

Irvine’s Detached and Condo Housing Numbers, August 2009

Sylvia Walker — Tue, 01 Sep 2009 08:13:55 +0000

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

A Closer Look at Anaheim’s 92804 ZIP: Median Selling Price, Price per Square Foot, Foreclosures, Price Reductions

Sylvia Walker — Wed, 26 Aug 2009 09:00:33 +0000

Yesterday’s post was about the current Anaaheim housing numbers, including a breakdown by ZIP. Following is a closer look at how housing prices have changed over time in one of these ZIPs, Anaheim’s 92804. (This is also the ZIP that contains the Palais Road home that I highlighted last week, “Anaheim Short Sale Showing Badly.”)

According to Trulia , the median price for all homes, detached houses and condos, in Anaheim’s 92804 ZIP was as follows:

May to July 2009–$303,592
The previous three months–$297,833
One year ago–$357,000
Five years ago–$453,750.

And according to Trulia, 75% of Anaheim homes are distressed.*

According to Redin, the July 2009 median sales price in the 92804 ZIP was as follows:

detached houses–$240 per square foot
condos–$147 per square foot

And according to Redfin, 23.1% of Anaheim’s 92804 homes have price reducitons.**

*Defined as homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. Different groups use different inputs and, therefore, come up with different percentages. In this case the foreclosures are not necessilarly on the market yet (and may not end up on the market).

**Based on homes sold or taken off the market between May 26, 2009 and August 24, 2009.

Anaheim Housing Stats: Numbers by ZIP, Foreclosures, Price Reductions

Sylvia Walker — Tue, 25 Aug 2009 09:19:03 +0000

According to DataQuick/OC Register, Anaheim’s July 2009 housing numbers by ZIP are as follows.

The percent change is the percentage increase or decrease that results when current numbers are compared to the numbers of one year ago. Anaheim contains some of North Orange County’s lower-priced areas. (Stanton currently has the lowest median list price housing in North Orange County.)

ZIP

July 2009 Median-Selling-Price

% Price Change—

# of -Sales—-

% # Change

Anaheim	92801	$320,000	-3.0%	51	+27.5%
Anaheim	92802	$317,500	-9.3%	26	+4.0%
Anaheim	92804	$330,000	-8.3%	94	+11.9%
Anaheim	92805	$310,000	-12.9%	87	+123.1%
Anaheim	92806	$426,000	9.2%	22	+10.0%
Anaheim	92807	$450,000	-2.5%	40	+2.6%
Anaheim	92808	$571,000	-9.4%	29–	+11.5%

The Anaheim Altos Market Action Index for the week ending August 23, 2009 is 22.38. Above 30 is a sellers’ market; below 30 is a buyers’ market.

According to Redfin, 29.1% of Anaheim homes have price reducitons.* According to Trulia, 68% of Anaheim homes are distressed.**

*Based on homes sold or taken off the market between May 26, 2009 and August 24, 2009.

**Defined as homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. Different groups use different inputs and, therefore, come up with different percentages. In this case the foreclosures are not necessilarly on the market yet (and may not end up on the market).

Orange County Housing Numbers: Reductions by Price

Sylvia Walker — Thu, 25 Jun 2009 08:05:20 +0000

A recent post highlighted the number of homes (by percentage) with price reductions in a representative sample of Orange County cities. A look at the amount of the reductions reinforces what the number of reductions were telling us: The homes at the high-end of the market are seeing both a larger number of homes with price reductions as well as a larger percentage off the asking price.

Take a look at the Redfin reduction-by-price charts, and you will see what I mean.

ORANGE COUNTY CITIES WITH THE HIGHEST REDUCTION BY PRICE—PERCENTAGE OFF MOST RECENT LIST PRICE AND THE ORIGINAL PRICE

ORANGE COUNTY CITIES WITH THE LOWEST REDUCTION BY PRICE—PERCENTAGE OFF MOST RECENT LIST PRICE

More price reduction numbers are available on the Redfin Excel spreadsheet.

Which End of the Orange County Housing Market Has the Most Price Reductions?

Sylvia Walker — Mon, 22 Jun 2009 08:11:15 +0000

Last week I wrote about housing price reductions at the national level and the Trulia survey that showed that the outlook for the high-end of the national real estate market was not good. Today I’ll keep it closer to home by taking a look at some Orange County price reductions numbers. These stats, provided by Redfin and based on the March 19 to June 17 median numbers, show the number of price reductions (by percentage) in certain Orange County cities. I used a sample of Orange County’s 34 cities that I hope is representative of Orange County as a whole, and I listed these cities from high to low.

Coto de Caza 58%
Dana Point 56%
Laguna Beach 52%
Villa Park 54%
Ladera Ranch 50%
Mission Viejo 46%
Aliso Viejo 46%
Tustin 44%
Lake Forest 43%
Irvine 42%
Orange 41%%
Fullerton 39%
Costa Mesa 38%
Brea 37%
Santa Ana 36%
Anaheim 34%

In general, the high-priced Orange County areas have more price reductions than the lower-priced areas. For example, take a look at the three Orange County cities with the highest percentage of price reductions: Coto de Caza, Laguna Beach, and Dana Point.

In Coto de Caza of The Real Housewives of Orange County fame, 58% of the homes are listed with price reductions. Next are the high-priced beach towns of Dana Point and Laguna Beach.

At the bottom of the list are two cities with a large number of low-priced homes: Santa Ana and Anaheim. Santa Ana, in particular, has received a lot of criticism in the recent past for its high number of distressed properties. Looks like the tables are turning.

For a look at more Redfin numbers, download the Redfin Excel spreadsheet.

For more information on possible problems for the high-end of the Orange County real estate market, see “Are the High-End O.C. Homes About to Take a Dive?“