Sweet Orange

In yesterday’s post, I compared two similarly priced homes in Irvine’s 92602 ZIP code. If you are interested in buying a home in this area (or just curious), here is a look at some recent housing statistics for this ZIP that might help.

As reported by Redfin, the housing numbers for Irvine’s 92602 ZIP code, which includes Irvine’s Northpark and West Irvine neighborhoods, were as follows in July 2009. The graphs, courtesy Redfin, are in descending order: 92602 inventory, 92602 detached house price per square foot, 92602 condo price per square foot.

Homes on market (inventory)

• detached house–56
• condos–72

Median price per square foot

• detached house
  list–$346/SF
  sold–n/a

• condo
  list–$318/SF
  sold–n/a

Price reductions*:

• Percentage of home with price reductions
  Detached house–38.9%
  Condo–33.3%
• Total percent of the reduction
  Detached house–5.7%
  Condo–3.6%

Median days on Redfin*

• Detached house: 68
• Condo: 48

Also note that the Redfin’s overall list price for the 92602 ZIP in July 2009 was $595,000, and the May 2009 sold price was $628,000. In addition, 25 homes in this ZIP sold in May 2009.

*Based on homes sold or taken off the market between June 3, 2009 and September 1, 2009