The Irvine Market Report: Condo Housing Stats, August 2008




Note: The stats for detached homes provide a good overview of market trends in each city. However, condos also play a significant role in the Orange County housing market, so taking a look at these numbers is also helpful. That is what we will do with the following housing numbers.

As with yesterday’s post (which was a overview of the statistics for the detached homes market in Irvine), I am switching over to the Redfin’s inventory and pricing tools to help with determining the status of the housing market. So unless otherwise noted, the following numbers are from Redfin’s Irvine “Overview of Homes for Sale” webpage. This page includes the Irvine inventory and pricing numbers as well as the associated charts and graphs. So if you would like to see the charts and graphs, click on the link for the above mentioned overview page.

The following Redfin numbers include MSL-listed, for-sale-by-owner (FSBO), and bank-foreclosure homes. Also, note that the numbers with an asterisk (*) are based on homes sold or taken off the market in last 90 days.

Following are the Irvine condo housing numbers for August 2008. As with the Costa Mesa numbers, I will let you draw your own conclusions concerning the difference between the overall list price and overall selling price as well as the difference between the list price per square foot and the sold price per square foot in Irvine.

Next month we’ll have some numbers for comparison; however, even without these numbers, we can safely say housing price increases are not going to be in Irvine’s near future. Rather, after the recent drop-like-a-rock price declines in Irvine, we currently have the possible scenarios of prices staying in a trough or prices drifting down slowly (IrvineRenter predicts that Irvine housing prices will start dropping when Alt-A and prime loans start resetting). I think that we are currently in scenario 2 (the slow-drift-downward scenario) with the possibility of sharper declines when resetting starts.

  • Median List Price:
    • August 29, 2008: $510K
  • Median Sold Price for*:
    • August 29, 2008*: $487K
  • Median List Price/SF:
    • August 29, 2008: $372
  • Median Sold Price/SF*:
    • August 21, 2008: $345
  • Median Days on Redfin*:
    • August 29, 2008: 80
  • Total Number of Homes on the Market:
    • August 29, 2008: 505 (13 are bank- and MLS-listed foreclosures; 10 are for-sale-by-owner)
  • % Homes with Price Reductions/Median Number of Reductions/Median Total % Reduction*:
    • August 29, 2008: 43.1%/2/7.7%

*Based on homes sold or taken off market in the last 90 days. These include MSL-listed, for-sale-by-owner, and bank-foreclosure homes.

Also, according to DQ News in July 2008, the number of sales of condo and detached Irvine homes combined was 119. And, according to DQNew, the July median sales price in Irvine was $591,000, down 17.80% from the July 2007 price of $791,000.

And, finally, Refin’s median numbers for all Irvine homes sold in last 90 days are $568K and $378 per square foot. The number of Irvine homes (condo and detached) currently on the market is 939.

For more information on the August Irvine housing numbers, see yesterday’s post “The Irvine Market Report: Detached Home Stats, August 2008.” For a review of the January 2008 to July 2008 Irvine housing numbers, see “The Irvine Market Report: Detached Homes Stats, July 2008” and “Reality Check: Irvine Market Detached+Condo Housing Stats, July 2008.”