Reality Check: Irvine Condo and Detached Home Stats, June 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; therefore, 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 reveals if sellers are being realistic with their asking price. In other words, it provides a reality check for homesellers and homebuyers.

For comparison, I included the numbers from five years ago (2003). Some predict that Orange County housing prices will eventually return to these levels.



Irvine real estate is still in a holding pattern. The average sales price went down; however, the median sales price went up. Most significantly, the price per square foot is exactly where it was last month.

Now for our reality check: More Irvine homes sold in this period that the previous period. Maybe this is what encouraged homesellers to ask about $10,000 more than they asked in the previous period (and this is on top of the approximately $55,000 increase that they asked for in the period before that). A good move in a slightly sticky market that is still in the buyers’ favor? We’ll check in again next month.

Here are the Irvine condo+detached housing numbers for 2008.

• Average Listing Price for:
  • Week Ending June 11: $1,066,271
  • Week Ending May 14: $1,055,460
  • Week Ending April 16: $999,976
  • Week Ending March 12: $1,023,403
  • Week Ending February 6: $971,094

• Average Sales Price for:
  • Mar-May 2008: $692,562
  • Feb-April 2008: $704,150
  • Jan-March 2008: $699,798
  • Dec 2007-Feb 2008: $743,982
  • Nov 2007-Jan 2008: $797,749
  • One year ago (Mar-May 2007): $806,500
  • Five years ago (Mar-May 2003): $480,052

• Median Sales Price for:
  • Mar-May 2008: $585,000
  • Feb-April 2008: $578,000
  • Jan-March 2008: $579,000
  • Dec 2007-Feb 2008: $619,000
  • Nov 2007-Jan 2008: $650,000
  • One year ago (Mar-May 2007): $670,000
  • Five years ago (Mar-May 2003): $435,000

• Average Price/SF for:
  • Mar-May 2008: $356
  • Feb-April 2008: $356
  • Jan-March 2008: $359
  • Dec 2007-Feb 2008: $365
  • Nov 2007-Jan 2008: $369
  • One year ago (Mar-May 2007): $415
  • Five years ago (Mar-May 2003): $272

• Number of sales:
  • Mar-May 2008: 536
  • Feb-April 2008: 485
  • Jan-March 2008: 442
  • Dec 2007-Feb 2008: 398
  • Oct-Dec: 421
  • One year ago (Mar-May 2007): 757
  • Five years ago (Mar-May 2003): 1,000

Source: Trulia

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