Irvine homebuying jumps 13% in summer: 15 trends to ponder

WTTCHMN

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Homebuying in Irvine in the third quarter rose as 1,083 residences sold vs. 957 a year ago, according to CoreLogic. That's a sales gain of 13.2 percent.

Here are 15 real estate trends in and around Irvine from the summertime report:

1. Irvine ZIP code 92602 -- 110 homes sold in the period vs. 121 a year ago. That's a sales loss of 9.1 percent. Median selling price of $830,000 vs. $1,000,000 a year ago, a loss of 17 percent.

2. Irvine ZIP 92603 -- 102 homes sold vs. 109 a year ago. That's a sales loss of 6.4 percent. Median of $1,175,000 vs. $1,050,000 a year ago, a gain of 11.9 percent.

3. Irvine ZIP 92604 -- 77 homes sold vs. 96 a year ago. That's a sales loss of 19.8 percent. Median of $720,000 vs. $681,000 a year ago, a gain of 5.7 percent.

4. Irvine ZIP 92606 -- 40 homes sold vs. 49 a year ago. That's a sales loss of 18.4 percent. Median of $702,250 vs. $680,000 a year ago, a gain of 3.3 percent.

5. Irvine ZIP 92612 -- 98 homes sold vs. 99 a year ago. That's a sales loss of 1 percent. Median of $595,000 vs. $650,000 a year ago, a loss of 8.5 percent.

6. Irvine ZIP 92614 -- 66 homes sold vs. 80 a year ago. That's a sales loss of 17.5 percent. Median of $570,000 vs. $552,000 a year ago, a gain of 3.3 percent.

7. Irvine ZIP 92618 -- 329 homes sold vs. 178 a year ago. That's a sales gain of 84.8 percent. Median of $838,000 vs. $706,000 a year ago, a gain of 18.7 percent.

8. Irvine ZIP 92620 -- 261 homes sold vs. 225 a year ago. That's a sales gain of 16 percent. Median of $798,000 vs. $790,000 a year ago, a gain of 1 percent.

And here's some countywide trends of note for the July-to-September period:

9. Orange County median price for the quarter was $643,000 -- up 4.9 percent or $30,000 in a year!

10. Countywide sales were 10,077 -- up 0.2 percent in a year!

11. Local single-family home sales totaled 6,111 -- down 3.9 percent from a year ago. Median selling price was $705,000 -- up 3.7 percent from a year ago.

12. Resales of O.C. condos were 2,920 -- down 0.7 percent from a year ago. Median selling price was $450,000 -- up 5.4 percent from a year ago.

13. Builder sales in the county were 1,046 -- up 38 percent from a year ago. Median selling price was $820,000 -- down 0.6 percent from a year ago.

14. In Orange County's 27 least expensive ZIPs -- median sales price at $568,750 and below -- 2,754 homes sold. That's down 5.6 percent compared to a year ago.

15. In the 27 priciest ZIPs -- median sales price beginning at $705,000 -- 3,147 homes sold. That's up 8.9 percent compared to a year ago.
http://www.ocregister.com/articles/irvine-736812-third-quarter.html
 
Great post! Thanks for info!

It's no surprise 92620 and 92618 is the hot zone.  92620 is cypress village east/stonegate
Portola springs/Great park/Laguna Altura is 92618 so no surprise there

Consistent with info from previous posts here that the new communities are posting record highs in Irvine...mainly FCB territory.  And older resale is not doing as well. 
 
Is Portola Spring 3 still FCB territory?  I heard Eastwood is like 90% up but a few times I went to Portola Spring 3, I saw diverse families...  I thought the national cemetery was doing the magic, but I also heard that Portola High School attracted many top students from Jeffrey Trail Jr. High so the trend could reverse rapidly when Portola High starts climbing up the ranking and API score comes out...
 
SoclosetoIrvine said:
Great post! Thanks for info!

It's no surprise 92620 and 92618 is the hot zone.  92620 is cypress village east/stonegate
Portola springs/Great park/Laguna Altura is 92618 so no surprise there

Consistent with info from previous posts here that the new communities are posting record highs in Irvine...mainly FCB territory.  And older resale is not doing as well.

Older resale has much lower inventory so it's not a fair comparison against new communities (look at uptick of builder sales).

I was more surprised by "Median of $798,000 vs. $790,000 a year ago, a gain of 1 percent." on 92620. Bad data? Real trend? Mostly condo sales this year vs. SFR in the prior year?
 
peppy said:
SoclosetoIrvine said:
Great post! Thanks for info!

It's no surprise 92620 and 92618 is the hot zone.  92620 is cypress village east/stonegate
Portola springs/Great park/Laguna Altura is 92618 so no surprise there

Consistent with info from previous posts here that the new communities are posting record highs in Irvine...mainly FCB territory.  And older resale is not doing as well.

Older resale has much lower inventory so it's not a fair comparison against new communities (look at uptick of builder sales).

I was more surprised by "Median of $798,000 vs. $790,000 a year ago, a gain of 1 percent." on 92620. Bad data? Real trend? Mostly condo sales this year vs. SFR in the prior year?

I think 92620 is selling more entry level condos in the $600k to $800k range and therefore lower the "median". 

Price/s.f. info might be more helpful for comparison. 
 
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