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

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

Irvine’s Rancho San Joaquin: Median Price per Square Foot Housing Number Trend

Following are the housing numbers for Irvine’s Rancho San Joaquin neighborhood. The homes on the market in this area are all condos, which is also true for Irvine’s University Town Center and Irviine Business Complex, which is also known as the IBC or the airport area.  (The Orange Tree neighborhood is mostly condos but does include a few detached homes.)

As shown by the Redfin graph that cover July 2007 to the present, the median sold price per square foot for homes in Rancho San Joaquin hit a low in April 2008. Since that time, the median price per square foot has had some ups and downs but has always stayed above the April 2008 low. As shown by the Redfin numbers listed below, the overall median sold price for Rancho San Joaquin homes since the beginning of 2009 has stayed constant ($420,000 to $425,000). Redfin stats also state that no Rancho San Joaquin homes sold in January 2009.

Trulia statistics show that the overall median sales price is down 1.2% from the previous quarter; down 29.3% from the previous year, and down 13.4% from five years ago. Trulia also states that the average price per square foot changed 0% from when compared to the same time last year.  According to the Trulia stats, only 3 San Joaquin homes sold in the first quarter of 2009.

These various numbers—some going up, some going down, some going sideways—show a complex picture of what is happening in the San Joaquin housing market.

For more information on housing in this area, see the Rancho San Joaquin map.

April 4, 2009

• Median List price: $537K/$331 per SF
• Median Sold price: $424K/$339 per SF*
• Median days on market: 107*
• Number of homes on the market: 14
  (0 detached/14 condos; 0 Bank and MSL foreclosures)

February 26, 2009

• Median List price: $537,000/$331 per SF
• Median Sold price: $420K/$277 per SF*
• Median days on market: 179*
• Number of homes on the market: 16
  (0 detached/16 condos; Bank and MSL foreclosures)

January 31, 2009

• Median List price: $429,000/$330 per SF
• Median Sold price: $422K/$334 per SF*
• Median days on market: 137.5*
• Number of homes on the market: 9

December 30, 2008

• Median List price: $434,450/$348 per SF
• Median Sold price: $425K/$392 per SF*
• Median days on market: 116*
• Number of homes on the market: 8

Sources: Redfin; Trulia

Tomorrow: A look at Irvine’s Orange Tree numbers

Tuesday: The Highs, the Lows and the In Between: A Closer Look at Housing in Irvine’s Rancho San Joaquin Village

Irvine’s University Town Center: Sold Price per Square Foot Trend

Listed below are the statistics for homes in Irvine’s University Town Center neighborhood. As the name implies, the homes in this area are near the University of California at Irvine (UCI). All on the homes on the market in this area are condos; some were bought as investment property.

The numbers for this area show a complicated story. As shown by the numbers listed below, the overall price of homes in this area that have sold since the beginning of the year have been declining. However, the same period shows an increase in the price per square foot that these homes have sold for. Throw into the mix the fact that, although many peaks and valleys exist (see the graph found above), the overall price per square foot trend shows a steady decline. So is this current increase a sign of things to come, or just another peak that will turn into another valley? Too soon to tell.

For more information on homes for sale in this area, see the  map.

April 3, 2009

• List price: $422K/$411 per SF
• Sold price: $408K/$358 per SF*
• Median days on market: 186*
• Number of homes on the market: 8
  ( 0 foreclosures)

February 28, 2009

• List price: $428,000/$401 per SF
• Sold price: $415K/$352 per SF*
• Median days on market: 100*
• Number of homes on the market: 9
  (0 foreclosures)

January 31, 2009

• List price: $439,750/$409 per SF
• Sold price: $498K/$326 per SF*
• Median days on market: 89*
• Number of homes on the market: 8

December 30, 2008

• List price: $432,000/$401 per SF
  
• Sold price: $295K/$384 per SF*
• Median days on market: 58*
• Number of homes on the market: 11

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

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