O.C. hottest housing? Easily, Newport Beach 92660

From the Orange County Register:

If you want to understand Orange County’s housing slump at its simplest, please note that just one ZIP code of the county’s 83 major ZIPs enjoyed both rising sales and an increased median selling price in the first half of 2011 vs. the year before.

And that ZIP was, according to DataQuick, Newport Beach 92660 — the heart of the waterfront community — where buyers paid a median of $1.1 million in the year’s first six months.

So what’s this neighborhood’s secret sauce?

“It’s status. It’s a name. They want Newport Beach,” says real estate salesperson Andrew Karigan of Karigan Residential, who specializes in the area. He adds that many buyers in the area this year have been from the Middle East paying cash for waterfront mansions. The same neighborhood also has a collection of more affordable homes up the hill from the beach.

“There’s high demand, even in bad markets,” Karigan says. “It’s like Manhattan island, there’s only so much of it. In a downturn, there’s still limited availability.”

In Newport Beach 92660 in 2011′s first six month, 217 homes sold — up 4% from a year ago. Median selling price was up 6% in a year.

(Psst! To read my full analysis of first half homebuying patterns — “No tax break, no housing momentum” — CLICK HERE!)

Compare 92660 to countywide trends for the first half of 2011 – a resaonably long timeframe to look at big trends, especially at the community level:

MOOD RING (Green’s hot; red’s not … yellow in between!)
Slice Price Ch. Sold Ch.
House $490,000 -4% 9,148 -8%
Condo $282,000 -6% 4,301 -12%
New $557,000 -5% 1,094 +8%
All OC $428,000 -2% 14,543 -8%
  • 64 of O.C.’s 83 ZIP codes saw declines in their respective median selling price. Overall, buyers’ prices were -1.6% vs. a year ago.
  • Taking sales volume in consideration, home-sale pricing is down in ZIPs representing 80% of the Orange County market.
  • 6 of 83 O.C. ZIPs with median sales prices above $1 million in the period vs. 11 million-dollar ZIPs when the county median price peaked in June 2007. Since that pricing pinnacle, there’s been a 34% drop in the countywide median price!
  • Priciest ZIP? Newport Beach 92661 with a $2,200,000 median selling price.
  • Current million-dollar ZIPs were 5% of all sales in the most recent period tracked.
  • Cheapest ZIP? Santa Ana 92701 with a $155,000 median selling price.
  • There were 3 ZIPs with medians under $250,000 vs. 3 a year ago. ZIPs with medians under a quarter million had 4% of all sales in the most recent period.
  • 64 of 83 O.C. ZIPs had year-over-year sales declines in the period — or 77% of the market.
  • Overall, countywide sales were down 8.3% vs. a year ago.
  • 0 of 83 O.C. ZIPs has sales gains of 100% or more in the period at the same time as 1 had sales drops greater than 50%!
  • NOTE! 1 local ZIPs had both sales gains and price gains in the period. (Highlighted in green below!) These double-gainers had combined sales volume equal to 1% of the Orange County market.
  • For a detailed report on the price moves, CLICK HERE!

Below is a look at the 83 ZIPs and how they fared in terms of median selling price and total sales for this period.

Also, want to see what kind of housing the median price buys in a specific neighborhood? Click on the ZIP code, and you’ll see current for-sale listings in the median’s “ballpark” — a range from 10% below to 10% above — in that ZIP …

 

Town ZIP Price Yr. chg. Sales Yr. chg.
Newport Beach 92661 $2,200,000 +10.0% 20 -25.9%
Newport Beach 92662 $2,072,500 +17.3% 14 -6.7%
Newport Coast 92657 $1,720,000 +2.6% 103 -18.9%
Corona del Mar 92625 $1,379,000 -6.4% 137 +14.2%
Newport Beach 92660 $1,120,000 +6.2% 217 +4.3%
Laguna Beach 92651 $1,015,000 -11.7% 164 -5.7%
Villa Park 92861 $880,000 -2.9% 26 -13.3%
Newport Beach 92663 $820,000 -15.9% 131 +7.4%
Irvine 92603 $815,000 -10.4% 172 +3.6%
Los Alamitos 90720 $690,000 -1.4% 63 -6.0%
Seal Beach 90740 $689,000 -3.9% 77 +16.7%
Huntington Beach 92648 $650,500 -9.0% 235 +1.7%
San Clemente 92673 $650,000 -5.1% 253 -1.9%
Trabuco/Coto 92679 $645,000 -2.3% 250 -12.6%
Irvine 92620 $625,000 -6.9% 299 -0.3%
Yorba Linda 92886 $610,000 -6.9% 327 +0.0%
Brea 92823 $605,000 -16.0% 32 +52.4%
Irvine 92602 $588,000 -3.8% 91 -40.5%
Dana Point 92629 $565,000 +1.5% 177 -12.8%
Dana Point 92624 $547,500 -4.8% 44 -2.2%
Fountain Valley 92708 $540,000 -4.4% 205 -21.8%
Huntington Beach 92649 $540,000 -8.3% 165 +7.8%
Yorba Linda 92887 $537,500 -9.2% 141 -8.4%
Irvine 92618 $535,000 -10.6% 307 +1.0%
Fullerton 92835 $527,000 -1.7% 113 -9.6%
Irvine 92606 $520,500 -8.5% 78 -3.7%
San Clemente 92672 $518,750 -8.0% 207 -3.3%
Laguna Niguel 92677 $515,000 -1.0% 497 -7.8%
Irvine 92604 $513,000 -3.2% 141 -7.8%
Santa Ana 92705 $500,000 -5.7% 205 -10.9%
Tustin 92782 $495,500 -15.3% 181 -13.4%
Anaheim 92808 $495,000 +6.7% 153 -3.8%
La Palma 90623 $495,000 -12.8% 41 -32.8%
Ladera Ranch 92694 $486,750 -3.4% 242 -16.8%
Costa Mesa 92626 $485,000 -5.8% 142 -16.0%
Mission Viejo 92692 $469,250 +2.0% 318 -7.3%
Huntington Beach 92647 $465,000 -9.7% 171 +17.9%
Laguna Hills 92653 $449,500 +11.0% 179 -5.8%
Orange 92867 $445,000 -11.4% 172 -7.5%
Orange 92866 $442,500 -7.9% 45 +2.3%
Irvine 92612 $440,000 -2.8% 203 +8.6%
Irvine 92614 $440,000 -15.4% 116 +0.0%
Huntington Beach 92646 $438,500 -12.7% 296 +1.4%
Placentia 92870 $436,500 -3.1% 222 -6.7%
Costa Mesa 92627 $435,000 +1.2% 213 -0.5%
Anaheim 92807 $430,000 -5.5% 179 -6.8%
Garden Grove 92845 $430,000 -7.5% 79 +54.9%
Mission Viejo 92691 $427,000 -5.1% 266 -14.7%
Brea 92821 $423,750 -10.8% 140 -2.8%
Orange 92869 $422,000 +1.0% 182 -7.6%
Cypress 90630 $415,000 -9.8% 179 -18.6%
Orange 92865 $415,000 -2.9% 112 -36.7%
San Juan Capistrano 92675 $405,000 +15.7% 221 -16.6%
Westminster 92683 $400,000 -3.6% 269 -20.9%
Lake Forest 92630 $385,000 +0.0% 312 -5.7%
Fullerton 92833 $380,000 +1.1% 239 -18.2%
Foothill Ranch 92610 $377,500 -17.9% 79 -19.4%
Aliso Viejo 92656 $365,000 -7.7% 434 -17.6%
Anaheim 92806 $365,000 -6.2% 90 -12.6%
Midway City 92655 $360,000 +2.0% 11 -64.5%
Rancho Santa Margarita 92688 $360,000 +2.9% 375 -9.9%
Santa Ana 92706 $355,250 -2.7% 116 -15.3%
Garden Grove 92841 $355,000 -3.8% 124 -1.6%
Fullerton 92831 $353,500 -14.8% 135 +8.0%
Buena Park 90620 $350,000 -10.3% 176 -13.3%
Buena Park 90621 $340,500 -5.0% 129 -3.0%
Tustin 92780 $340,000 -12.8% 182 -22.6%
Garden Grove 92840 $332,000 -2.4% 199 -15.0%
Garden Grove 92844 $327,500 +7.4% 66 -42.6%
La Habra 90631 $321,500 -2.3% 241 -20.5%
Anaheim 92802 $320,000 -1.5% 74 -30.8%
Fullerton 92832 $315,000 -1.6% 97 +0.0%
Anaheim 92804 $314,000 -7.6% 239 -23.4%
Anaheim 92805 $307,500 -3.9% 215 -19.8%
Garden Grove 92843 $305,000 -4.7% 133 -13.1%
Anaheim 92801 $301,500 -7.8% 165 -17.5%
Orange 92868 $294,000 -12.2% 77 -4.9%
Santa Ana 92704 $280,000 -1.8% 252 -31.9%
Santa Ana 92703 $253,500 -6.1% 191 -1.0%
Stanton 90680 $250,000 -9.1% 125 +9.6%
Santa Ana 92707 $235,000 -2.1% 231 -9.4%
Laguna Woods 92637 $219,500 +12.6% 161 -12.0%
Santa Ana 92701 $155,000 +10.7% 154 -13.5%
Total O.C. $428,000 -1.6% 14,543 -8.3%

This article and graphs are from the OC Register; the article can be found here: “O.C. Hottest Housing? Easily, Newport Beach 92660.”

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