Sweet Orange

Which homesellers are more grounded in reality, Costa Mesa or Irvine homesellers? Take a look at the following numbers and decide for yourself. Keep in mind that the median and average are not the same.* If you want to check out the reality gap for your ZIP, see the Trulia ZIP code list.

Redfin graph for the median price per SF for Irvine single-family houses**

Irvine

• Average list price: $927,077 (week ending September 30)
• Median sales price: $560,000 (July 2009 through September 2009)
  Source: Trulia

To clarify further, Redfin shows that the September median list price in Irvine was $615,000, and DQNews shows that the September median selling price for a home in Irvine was $533,000.

Redfin graph for the median price per SF for Costa Mesa single-family houses**

Costa Mesa

• Average list price: $581,194 (week ending September 30)
• Median sales price: $515,000 (July 2009 through September 2009)
  Source: Trulia

To clarify further, Redfin shows that the September median list price in Costa Mesa was $467,000, and DQNews shows that the September median selling price for a home in Costa Mesa was $485,000.

Redfin graph for September Orange County single-family house price/SF**

Finally, for comparison, some Orange County September housing numbers: Redfin shows that the September median list price  was $515,000, and DQNews shows that the September median selling price was $428,000.

When comparing homesellers in Irvine, Costa Mesa and Orange County as a whole, it seems that Costa Mesa homesellers get the most-in-touch-with-reality award.

*Do not confuse this term [median) with the [term] average. They can be quite different for the same sample group. For instance, if you are doing a sold properties report and the homes are very evenly distributed, the median and average might be very similar. However, if the homes sold were weighted more to one end or the other of the price spectrum, then the median and average could be quite different.-About.com: Real Estate Business

**The above graphs are for single-familly houses. To see the the condo price per square foot graph for each area. click on the Redfin links found on this page. Then click on the “Add graph to your site” link.

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.

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.)

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).

Following are some recent housing numbers, including the foreclosure numbers, for Costa Mesa that are broken down by ZIP code. These numbers, provided by Trulia, are for condo and detached homes combined.

Alto Research numbers, which are for detached homes only, currently give Costa Mesa a Market Action Index of 17.70 (30 or below is a buyers’ market). According to Redfin, approximately 70% of the Costa Mesa homes on market are detached.

Also, according to an article by Matt Padilla, the rate of foreclosures fell in both Costa Mesa ZIPs: The 92627 foreclosure rate dropped by 37 percent, and the 92626 rate dropped somewhere between 40% to 59% from the previous year. However, as the numbers below show, although the rate of foreclosures is decreasing in Costa Mesa, the number of foreclosures is still high.

92626 (South Coast Metro, Central, Mesa Verde)

• Average List Price (week ending 8-05-09): $599,086 ($304 per SF)
• Median Selling Price (May-July 2009): $495,000
• % home that are in foreclosure: 52.6%*
  (163 new and resale homes for sale, as well as 181 foreclosures**)

92627 (Eastside, Central, Southwest)

• Average List Price (week ending 8-05-09): $587,880 ($376 per SF)
• Median Selling Price (May-July 2009): $467,500
• % home that are in foreclosure: 50.3%*
  (237 new and resale homes for sale, as well as 240 foreclosures**)

**homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process

COSTA MESA HOME SALES GRAPH COURTESY CITY-DATA.COM

Tomorrow: some Costa Mesa community data numbers

According to an article in The Orange County Register by Matthew Padilla, the percentage of foreclosures increased 50% or more in the following Orange County ZIP codes: 90740 (Seal Beach), 92823 (Brea), 92604 (Irvine-Woodbridge), 92625 (Corona del Mar), 92651 (Laguna Beach), 92629 (Dana Point), 92679 (Trabuco Canyon).

However, this does not mean that these ZIPs have the highest number of foreclosures when compared to the number of homes in each of these Orange County ZIPS–only that they are seeing the biggest increase in the number of foreclosure when compared to the same period one year ago.

According to Trulia, the percentage of home on the market in each of these ZIPs that are distressed sales is as shown below. Trulia defines distressed as “homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process.”

90740 (Seal Beach)

• Median sold price: $710,000 (however, the average list price is $406,381)
• 334 new and resell homes listed
• 35 distressed properties
• % distressed properties: 9.5%

92823 (Brea)

• Median sold price: $569,000 (however, the average list price is $742,482)
• 34 new and resell homes listed
• 19 distressed properties
• % distressed properties: 36%

92604 (Irvine, Woodbridge)

• Median sold price: $494,500 (however, the average list price is $580,821)
• 85 new and resell homes listed
• 112 distressed properties
• % distressed properties: 57%

92625 (Corona del Mar)

• Median sold price:$1,260,000 (however, the average list price is $2,781,408)
• 246 new and resell homes listed
• 54 distressed properties
• % distressed properties: 18%

92651 (Laguna Beach)

• Median sold price:$1,100,000 (however, the average list price is $3,746,754)
• 515 new and resell homes listed
• 111 distressed properties
• % distressed properties: 17.7%

92629 (Dana Point)

• Median sold price:$650,000 (however, the average list price is $1,693,055 )
• 299 new and resell homes listed
• 163 distressed properties
• % distressed properties: 35.3%

92679 (Trabuco Canyon, Dove Canyon, Coto de Caza)

• Median sold price:$640,000 (however, the average list price is $1,648,131)
• 324 new and resell homes listed
• 256 distressed properties
• % distressed properties: 44%

While they did not have as large a percentage increase as the ZIPs listed above, the following ZIPS also had an increase in the percentage of foreclosures (1%-49%):

• 90623 (La Palma)
• 92649 (Huntington Beach)
• 92886 (Yorba Linda)
• 92614 (Irvine, Woodbridge)
• 92692 (Mission Viejo)
• 92673 (San Clemente)
• 92672 (San Clemente)

In all  other Orange County ZIPs (those not listed in this post), the percentage of foreclosures decreased when compared to a year ago (June 2008). Again, this does not mean that these ZIPs had the smallest percentage of foreclosure–only the smallest increase from the previous year.

Note: Different groups use different inputs and, therefore, come up with different percentages. For example, in June, Steve Thomas of Altera stated that Irvine had 29.6% distressed homes on the market. However, Trulia numbers at that time showed that Irvine had 41% distressed homes on the market.

Tomorrow: a look at the O.C. ZIPs in which the increase in foreclosures decreased by 60% or more from the previous year. Hint: They are mostly at the lower-end of the market.

Following are some Costa Mesa housing number from Trulia. These numbers are for all Costa Mesa homes (detached and condos). To see what the Altos Research Market Action Index says about the Costa Mesa housing market, see “The Costa Mesa Housing Index Says….” And to see previous Redfin numbers for the Costa Mesa housing market, see my past posts “The Costa Mesa Detached Home Report” and “The Costa Mesa Condo Report.”

The average listing price for week ending May 27, 2009 was $587,398 ($328/SF). Based on 204 homes sold from February to April 2009 (up 14% from the previous quarter), the Costa Mesa median selling price was as follows:

Median Sold Price: $465,000

• up 3.3% from the previous quarter
• down 12.3% from the same period of the previous year
• down 14.8% when compared to the same period of 5 years ago

The percent of Costa Mesa homes on the market that are currently in distress is as follows:

% of homes that are in distress*: 56%

• number of homes on the market: 789
• number of homes  that are in distress*: 438

Source: Trulia

*Distressed homes are defined as those that are in pre-foreclosure, trustee auction. or bank-owned stage of the foreclosure process.