Sweet Orange

Today’s post is a continuation of last week’s post (median selling price of homes in Irvine). Up today are the stats for the number of homes that have sold in Irvine. Unless otherwise noted,  the source for the following numbers is DQNew.

Note that the graph, provided by Redfin, is of the number of homes that are on the market in Irvine, not the number of homes that have sold in Irvine.

Number of Sales in Irvine

• November 2010: 239
• October 2010: 174
• September 2010: 222
  Redfin’s numbers: houses sold=89, condos sold=107
• August 2010: 229
  Redfin’s numbers: houses sold=113, condos sold=102
• July 2010: 226
  Redfin’s numbers: houses sold=106, condos sold=112

Up today is an update of the median price that homes in Irvine have sold for. This includes all the Irvine neighborhoods (or villages as they are called in Irvine): Northpark, West Irvine, Northwood, Portola Springs, Woodbury, El Camino, Walnut, Columbus Grove, University Park, University Town Center, Orange Tree, Oak Creek, Westpark, the IBC (airport area), San Joaquin, Shady Canyon, Turtle Ridge, Turtle Rock and Quail Hill.

Irvine Median Sold Price/SF-Condos

Unless otherwise noted, the source for the following numbers is DQNew.

Irvine Median Sold Price/SF-Houses

Median Selling Price in Irvine

• November 2010: $562,000 (down 3.44% y-o-y)
• October 2010: $522,500 (down 9.91% y-o-y)
• September 2010: $625,000 (up 16.93% y-o-y)
  Redfin’s numbers: $575,000 (no change y-o-y) or $336/SF (down 2.0% y-o-y)
• August 2010: $580,000 (up 1.9% y-o-y)
  Redfin’s numbers: $600,000  (up 4.3% y-o-y) or $344/SF (up 3.3% y-o-y)
• July 2010: $580,000 (up 6.62% y-o-y)
  Redfin’s numbers: $570,000 (up 5.1% y-o-y) or $339/SF (up 1.2% y-o-y)

Graphs Courtesy Redfin

Up today is an update of the Irvine housing numbers. This includes all the Irvine neighborhoods (or villages as they are called in Irvine): Northpark, West Irvine, Northwood, Portola Springs, Woodbury, El Camino, Walnut, Columbus Grove, University Park, University Town Center, Orange Tree, Oak Creek, Westpark, the IBC (airport area), San Joaquin, Shady Canyon, Turtle Ridge, Turtle Rock and Quail Hill.

Irvine Median Sold Price/SF-Houses

Median Selling Price in Irvine

• October 2010: $522,000 (down 9.91% y-o-y)
• September 2010: $625,000 (up 16.93% y-o-y)
• August 2010: $580,000 (up 1.9% y-o-y)
  Redfin’s August 2010 numbers: $600,000  (up 4.3% y-o-y) or $344/SF (up 3.3% y-o-y)
• July 2010: $580,000 (up 6.62% y-o-y)
  Redfin’s July 2010 numbers: $570,000  (up 5.1% y-o-y) or $339/SF (up 1.2% y-o-y)

Irvine Median Sold Price/SF-Condos

Number of Sales in Irvine

• October 2010: 174
• September 2010: 222
• August 2010: 229
  Redfin’s numbers: houses sold=113, condos sold=102
• July 2010: 226
  Redfin’s numbers: houses sold=106, condos sold=112

Source unless otherwise noted: DQnews

Graphs Courtesy Redfin

Up today are the Irvine housing numbers. This includes all the Irvine neighborhoods (or villages as they are called in Irvine): Northpark, West Irvine, Northwood, Portola Springs, Woodbury, El Camino, Walnut, Columbus Grove, University Park, University Town Center, Orange Tree, Oak Creek, Westpark, the IBC (airport area), San Joaquin, Shady Canyon, Turtle Ridge, Turtle Rock and Quail Hill neighborhoods.

Irvine Median Price/SF--Houses

Median Selling Price in Irvine

• September 2010: $625,000 (up 16.93% y-o-y)
• August 2010: $580,000 (up 1.9% y-o-y)
• July 2010: $580,000 (up 6.62% y-o-y)
  Redfin’s JuLy 2010 numbers: $570,000  (up 5.1% y-o-y) or $339/SF (up 1.2% y-o-y)

Irvine Median Sold Price/SF--Condos

Number of Sales in Irvine

• September 2010: 222
• August 2010: 229
• July 2010: 226
  Redfin’s numbers: houses sold=106, condos sold=112

Source unless otherwise noted: DQnews

Graphs Courtesy Redfin

2220 Scholarship (IBC)

Today is a continuation of our survey of DataQuick’s housing numbers for Irvine broken down by ZIP. Up today is the 92612 ZIP, which includes IBC (Airport Area), Rancho San Joaquin, University Park and University Town Center. The DataQuick numbers are for single-family residences, condos, and new homes.

Median Selling Price

• April 2010: $445,000 (up 6.0%  y-o-y)
• March 2010: $430,000 (down 1.83% y-o-y)

Number of Sales

• April 2010: 33 (up 73.7% y-o-y)
• March 2010: 34 (up 100.00% y-o-y)

The photo is of 2220 Scholarship, a mid-rise condo in Irvine’s urban village area that is called the IBC (also called the Airport Area on most real estate listings). At $450,000. this home, which is part of the Avenue One development, is priced near the overall median selling price of homes in the 92612 ZIP. However, the IBC’s overall selling price is somewhat lower than is the median selling price for homes in the various 92612 neighborhoods combined. This is one of the problems that exist when homes in Irvine are grouped by ZIP instead of by neighborhood.

Up next: the 92618 ZIP, which includes Portola Springs, Oak Creek, Orange Tree, and Woodbury East

22 Menlo Aisle #162

Here is a look at two homes in Irvine’s University Town Center neighborhood that are For-Sale-By-Owner (FSBO). Both have been on the  market for over a year, but the prices have been reduced little to none. Can these owners hold on indefinitely without lowing the price? We’ll see. For that matter, even if these owners can wait, my guess is that the price that these homes will sell for will not return to higher levels for some years to come.

Now some background on the area: Although these two homes are listed as single-family, most homes in Irvine’s University Town Center are condos. Amenities in this area include closeness to UCI and Mason Regional Park. To see what else is on the market in this area, see  University Town Center housing map. To read a little about the history of the area, see one of my Redfin posts, “Irvine’s University Town Center: Then and Now.”

30 Wellesley, Irvine CA 92612

• Asking price:$549,000 ($371/SF)
• 1981 single-family with two stories
• 32beds/32.5baths with 1480 SF
• HOA fee: none listed
• Mellos Roos: none listed
• Days on Market*:  420

This home was listed in September 2008 for 549,000. As you can see, the price has not changed.

22 Menlo Aisle #162, Irvine, CA 92612

• Asking price:$691,990 ($349/SF)
• 1988 single-family with two stories
• 3 beds/3 baths with 1983 SF
• HOA fee: none listed
• Mellos Roos: none listed
• Days on Market*:  461

This home was listed in August 2008 for $694,990. As you can see, although this home has been on the market over a year, the asking price is currently only slightly lower than the listing price of over a year ago.

* Days on the Market is the number of days these homes have been listed on Redfin. It is possible that these homes have been on the market longer.

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