Orange County added eight million-dollar Orange County neighborhoods in the year ending in March as the pandemic era’s rapid home-price appreciation left eight fewer “affordable” ZIP codes with sales prices under $600,000.
My trusty spreadsheet, filled with Orange County homebuying stats from DQNews/CoreLogic, found 22 of the county’s 83 ZIP codes with median selling prices above $1 million vs. 14 a year earlier. Total closed sales of all residences — existing and new homes; single-family houses and condos; at all prices — were 3,895. That’s up 39% in from the locked-down scarred March 2020.
Those seven-figure communities had 979 sales equaling 25% of all Orange County homes sold. In March 2020, 661 residences were sold in ZIPS with $1 million-plus medians, or 24% of transactions.
Why? A buying binge created by cheap loans and few homes for sale. So, the countywide median for the month of $835,000 was up 10.6% in a year.
At the other end of the pricing spectrum, Orange County’s “bargain” communities — medians of $600,000 and below — numbered seven vs. 15 a year earlier That’s 53% fewer sub-$600,000 ZIPs in a year.
Sales in these “affordable” ZIPs were 254 — making “bargains” 6.5% of all purchases. In March 2020, 130 purchases were in “bargain” ZIPs — or 4.6% of all sales.
The month before, there were 22 million-dollar ZIPs and 6 “affordable” communities.
Here’s the million-dollar ZIPs, highlighting communities new to the club, for March …
Newport Beach 92662: $3.73 million — up 15% in a year.
Corona del Mar 92625: $3.24 million — up 18% in a year.
Laguna Beach 92651: $2.57 million — up 38% in a year.
Newport Beach 92661: $2.48 million — off 3% in a year.
Newport Coast 92657: $2.17 million — off 33% in a year.
Villa Park 92861: $2.16 million — up 78% in a year.
Irvine 92603: $2.08 million — up 25% in a year.
Newport Beach 92663: $2.05 million — up 3% in a year.
Newport Beach 92660: $2.03 million — up 23% in a year.
Dana Point 92624: $1.38 million — up 15% in a year.
Irvine 92602: $1.35 million — up 12% in a year.
San Clemente 92673: $1.25 million (new) — up 40% in a year.
Santa Ana 92705: $1.20 million — up 19% in a year.
Dana Point 92629: $1.16 million (new) — up 24% in a year.
Trabuco/Coto 92679: $1.16 million (new) — up 36% in a year.
Los Alamitos 90720: $1.15 million (new) — up 16% in a year.
San Juan Capistrano 92675: $1.13 million (new) — up 20% in a year.
Huntington Beach 92649: $1.07 million (new) — up 20% in a year.
Huntington Beach 92648: $1.05 million (new) — up 10% in a year.
Yorba Linda 92887: $1.05 million (new) — up 30% in a year.
San Clemente 92672: $1.05 million — off 0.2% in a year.
Seal Beach 90740: $1.01 million (new) — up 1% in a year.
Here’s Orange County’s lowest-priced ZIPs in March …
Stanton 90680: $596,500 — up 30% in a year.
Santa Ana 92703: $565,000 — up 9% in a year.
Santa Ana 92704: $542,500 — up 22% in a year.
Santa Ana 92707: $477,500 — off 8% in a year.
Laguna Woods 92637: $390,000 — up 11% in a year.
Santa Ana 92701: $314,000 — off 38% in a year.
Jonathan Lansner is business columnist for the Southern California News Group. He can be reached at jlansner@scng.com
Source: Orange County Register
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