Reality Check: Irvine Condo and Detached Home Stats, April 2008

Note: The Altos graphs and numbers, which are for detached homes, provide a good overview of market trends in each city. However, condos also play a big role in the Orange County housing market, so taking a look at the condo numbers in combination with the detached home numbers is also helpful. That is what we will do with the following housing numbers. I also like these numbers for another reason: Comparing the average listing price to the average sales price shows if sellers are being realistic with their asking price. In other words, it provides a reality check for homesellers and homebuyers.

Here are the condo+detached Irvine housing numbers for April 2008. With an average asking price of $999,976 and an average sales price of $699,798, Irvine’s homeowners who are hoping to sell their houses will most likely need to adjust their expectations. The listing price that these homeowners are asking is not in line with current market reality in Irvine and much of Orange County.

• Average Listing Price for:
  • Week Ending April 16: $999,976
  • Week Ending March 12: $1,023,403
  • Week Ending February 6: $971,094

• Average Sales Price for:
  • Jan-March 2008: $699,798
  • Dec 2007-Feb 2008: $743,982
  • Nov 2007-Jan 2008: $797,749
  • One year ago (Jan-March 2007): $793,799

• Median Sales Price for:
  • Jan-March 2008: $579,000
  • Dec 2007-Feb 2008: $619,000
  • Nov 2007-Jan 2008: $650,000
  • One year ago (Jan-March 2007): $666,000

• Average Price/SF for:
  • Jan-March 2008: $359
  • Dec 2007-Feb 2008: $365
  • Nov 2007-Jan 2008: $369
  • One year ago (Jan-March 2007): $417

• Number of sales:
  • Jan-March 2008: 442
  • Dec 2007-Feb 2008: 398
  • Oct-Dec: 421
  • One year ago (Jan-March 2007): 641

Source: Trulia

For more information on the Irvine housing numbers in April, see tomorrow’s post “The Irvine Market Report: Detached Home Stats, April 2008.”