Newport Beach 92660 had Orange County’s zippiest housing market in the most recently concluded quarter, reported by Orange County Register’s Jon Lansner.
|Rank||Prev.||Town||ZIP||Price||Pricing rank||Sales rank||FC rank|
So says our Zippy rankings that weigh pricing and sales momentum plus foreclosure frequency as measured by DataQuick stats.
This ZIP — running from Back Bay to around Fashion Island up to the toll road –ranked 7 of 83 for pricing; 2 for sales; and 6 in terms of foreclosures frequency in the community. In the previous quarter, this ZIP ranked 19 of 83 overall.
Second strongest was Newport Beach 92663 – from the pier to around the bay up to Hoag Hospital — followed by Irvine 92614 as third best. The beach theme in the Top10 also included Laguna Beach 92651 (#5); Newport Coast 92657 (#6); and Newport Beach 92661 — basically, most of the Balboa Peninsula (#8).
When you look at the 83 major ZIPs in the county and their Zippys rankings, you see these trends for the best-performing communities:
- The top 25 had a median selling price of $635,000 – that’s +35% vs. the middle of the pack.
- Price momentum of the top 25 — activity vs. a year ago was 17% compared to 8% for the middle of the pack.
- Sales momentum of the top 25 — activity vs. a year ago was 54% compared to 5% for the middle of the pack.
- Foreclosures occurred in the top 25 ZIP at a rate of 1.4 homes per 1,000 vs. 2.6 for the middle of the pack.
- Forecloures momentum in the top 25 ZIP — change vs. a year ago — was 11% compared to -2% for the middle of the pack.
- At right is last quarter’s 10 zippiest ZIPs, as measured by Zippy math, and their respective rankings (1 best; 83 worst) in terms of pricing and sales momentum and foreclosure frequency.
- Two Santa Ana ZIPs finish last in Zippy rankings.
- See this coming Sunday’s Register for more analysis.
PS: What’s a Zippy?
- WHAT? Tally of 3 key home-market performance benchmarks: Pricing and sales momentum (year-over-year change) plus foreclosure density (per homes in neighborhood).
- WHY? All rankings need a nickname, thus, “Zippys.”
- HOW? Using DataQuick data for most recent quarter we rank the 83 ZIPs by price, sales and foreclosure — then determine overall ranking by each ZIP’s average ranking.