Pretty interesting article from the Register showing home prices declining in certain communities. Since this is a data rich article, I'm posting the details. I don't think many will be surprised to see the list of communities with most OC 'Bargains' located in the North and the Coastal communities retaining their high prices.
Orange County loses 12 million-dollar ZIP codes since May but adds 9 ‘affordable’ communities
https://www.ocregister.com/2023/02/1...e-communities/
Orange County has 12 fewer ZIP codes with million-dollar median prices since May as its roster of neighborhoods with $750,000 pricing or less grew by nine.
My trusty spreadsheet, filled with December homebuying stats from CoreLogic for 83 Orange County ZIP codes, showed how home pricing has changed since spring — “expensive” ZIPs (median selling prices $1 million and higher) vs. “affordable” neighborhoods (medians of $750,000 or below). December’s $933,500 countywide median is off 1% in one year and down 11% from May’s $1.054 million record high.
In December, Orange County had 35 seven-figure ZIPs with 680 sales — 38% of all purchases vs. 17 affordable ZIPs with 375 sales, or 21% of all purchases. Compare that to November with 34 seven-figure ZIPs with 740 sales — 42% of all purchases and 12 affordable ZIPs with 266 sales, or 15% of all purchases.
But the big change is from the market’s recent peak in May when O.C. had 47 seven-figure ZIPs with 1,524 sales — 52% of all purchases. That month there were just eight affordable ZIPs with 324 sales or 11% of all purchases.
And in December 2021, there were 33 million-dollar ZIPs with 1,320 transactions — 44% of all purchases vs. nine bargain ZIPs with 298 sales or a 10% slice.
Pandemic twists
Ponder how the pandemic’s economic ebbs and flows twisted local home pricing.
Coronavirus initially sparked a homebuying spree. The number of million-dollar Orange County neighborhoods has grown by 22 since February 2020, the last month before the virus upended the market. Meanwhile, O.C. lost 28 affordable ZIPs since the pandemic struck.
Consider that in February 2020, there were 13 ZIPs above $1 million with 250 closings — a 10% slice vs. 45 sub-$750,000 ZIPs with 1,077 purchases, or 44% of all sales.
House hunting would later cool in 2022 as lofty pricing and sharply rising mortgage rates squashed affordability.
So, December had 40% fewer sales at all price levels countywide compared with a year earlier. Seven-figure ZIPs had 48% fewer purchases. But in the ZIPs priced below $750,000, sales grew 26% in the same period.
Or think about the slowdown this way: In the last 12 months, 44 O.Z. ZIPs had price drops and 76 had sales declines.
Let’s look at what communities were in Orange County’s million-dollar club for December — and the cheapest neighborhoods. Note that monthly sales data for individual ZIP codes can be volatile, so price trends may reflect a different mix of homes sold — not changing values. (Data for all Orange County ZIPs can be found at bit.ly/decemberpricingoc).
New to the club
The 11 million-dollar ZIPs that were not club members in December 2021 …
Yorba Linda 92887: $1.4 million — up 58%.
Foothill Ranch 92610: $1.4 million — up 59%.
Irvine 92606: $1.2 million — up 39%.
Lake Forest 92630: $1.1 million — up 20%.
Laguna Hills 92653: $1.1 million — up 23%.
Irvine 92604: $1.1 million — up 16%.
La Palma 90623: $1.1 million — up 18%.
Fullerton 92835: $1.1 million — up 26%.
Huntington Beach 92646: $1 million — up 6%.
Irvine 92614: $1 million — up 9%.
Orange 92868: $1 million — up 18%.
Still members
The 24 ZIPs returning to the seven-figure club …
Corona del Mar 92625: $4.4 million — up 47%.
Newport Beach 92660: $2.8 million — up 27%.
Newport Beach 92663: $2.7 million — off 6%.
Newport Beach 92661: $2.6 million — off 31%.
Irvine 92602: $2.4 million — up 23%.
Laguna Beach 92651: $2.2 million — off 37%.
Newport Coast 92657: $2.2 million — off 59%.
Villa Park 92861: $1.8 million — up 6%.
Seal Beach 90740: $1.7 million — up 33%.
Irvine 92618: $1.7 million — up 30%.
San Clemente 92672: $1.6 million — up 18%.
Irvine 92603: $1.5 million — off 26%.
Dana Point 92629: $1.4 million — up 10%.
San Clemente 92673: $1.3 million — off 3%.
Huntington Beach 92648: $1.3 million — up 16%.
Trabuco/Coto 92679: $1.3 million — off 2%.
Laguna Niguel 92677: $1.3 million — up 11%.
Costa Mesa 92627: $1.3 million — up 8%.
Irvine 92620: $1.2 million — off 18%.
Dana Point 92624: $1.2 million — off 43%.
San Juan Capistrano 92675: $1.2 million — off 26%.
Santa Ana 92705: $1.1 million — up 3%.
Fountain Valley 92708: $1.1 million — up 3%.
Costa Mesa 92626: $1.1 million — off -8%.
O.C. ‘bargains’
And Orange County’s $750,000 or lower ZIPs …
Garden Grove 92840: $750,000 — off 4%.
Aliso Viejo 92656: $747,000 — off 2%.
Cypress 90630: $743,000 — off 8%.
Anaheim 92801: $741,500 — up 4%.
Buena Park 90620: $737,500 — off 7%.
Rancho Santa Margarita 92688: $730,000 — off 14%.
La Habra 90631: $725,000 — up 8%.
Anaheim 92805: $720,000 — unchanged in 12 months.
Santa Ana 92701: $715,000 — up 103%.
Santa Ana 92703: $702,500 — unchanged in 12 months.
Anaheim 92804: $685,000 — off 14%.
Anaheim 92802: $677,500 — off 11%.
Santa Ana 92704: $638,000 — up 42%.
Garden Grove 92844: $603,250 — off 28%.
Santa Ana 92707: $585,000 — off 7%.
Stanton 90680: $580,000 — off 17%.
Laguna Woods 92637: $413,250 — up 14%.
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