The Irvine Market Report: Condo Housing Stats, September 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.

The following numbers are from Redfin’s Costa Mesa “Overview of Homes for Sale” webpage. This page includes the Costa Mesa 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.

Following are the Irvine condo housing numbers for 2008:

For some months now, with some slight variations, the overall numbers for housing in Irvine tell of a market that is in a holding pattern. With the overall-median-sold-price slightly lower than last month and median-sold-price-per-square-foot slightly higher than last month, this month’s numbers for condos in Irvine tell the same holding-pattern story.

Tomorrow we’ll take a look at the numbers for the detached homes in Irvine. Preview: Is a change in store for the Irvine housing market?

• Median List Price:
  • September 17, 2008: $500K
  • August 29, 2008: $510K
• Median Sold Price for*:
  • September 17, 2008: $480K
  • August 29, 2008*: $487K
• Median List Price/SF:
  • September 17, 2008: $370
  • August 29, 2008: $372
• Median Sold Price/SF*:
  • September 17, 2008: $349
  • August 21, 2008: $345
• Median Days on Redfin*:
  • September 17, 2008 : 79
  • August 29, 2008: 80
• Total Number of Homes on the Market:
  • September 17, 2008: 488 (15 are bank- and MLS-listed foreclosures; 8 are for-sale-by-owner)
  • 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*:
  • September 17, 2008: 41.2%/2/7.0%
  • 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.

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