The pandemic era’s homebuying binge pushed the number of million-dollar Orange County neighborhoods up by nine in the past year and left 11 fewer “affordable” ZIP codes with sales prices under $600,000.
My trusty spreadsheet, filled with Orange County sales stats for February from DQNews/CoreLogic, found 22 of the county’s 83 ZIP codes had median selling prices above $1 million vs. 13 a year earlier. Countywide, 2,725 homes sold, a 13% gain in a year tied to cheap mortgages, limited supply of homes to buy and house hunter desires for larger living spaces.
Those seven-figure communities had 738 sales in February equaling 27% of all Orange County homes sold. In February 2020, 636 residences were sold in ZIPS with $1 million-plus medians, or 26% of transactions. The countywide median for the month was $820,000 — up 9.6% in a year.
At the other end of the pricing spectrum, Orange County’s “bargain” communities — medians of $600,000 and below — numbered six vs. 17 a year earlier That’s 65% fewer in a year. (Yes, “bargain” is a relative term!)
Sales in these “affordable” ZIPs were 120 in February, making “bargains” 4.4% of purchases. In February 2020, 118 purchases were in “bargain” ZIPS — or 4.9% of all sales.
Here are the million-dollar ZIPs and pricing data highlighting communities new to the club …
Newport Beach 92661: $3.37 million — up 40% in a year.
Corona del Mar 92625: $2.91 million — off 13% in a year.
Newport Coast 92657: $2.72 million — off 36% in a year.
Laguna Beach 92651: $2.23 million — up 13% in a year.
Newport Beach 92662: $2.18 million — off 25% in a year.
Newport Beach 92660: $1.96 million — up 15% in a year.
Newport Beach 92663: $1.79 million — off 25% in a year.
Villa Park 92861: $1.56 million — up 24% in a year.
Irvine 92603: $1.50 million — up 25% in a year.
Irvine 92602: $1.36 million — up 2% in a year.
Dana Point 92624: $1.25 million — up 12% in a year.
Santa Ana 92705: $1.24 million (new) — up 38% in a year.
Dana Point 92629: $1.24 million (new) — up 38% in a year.
Trabuco/Coto 92679: $1.23 million (new) — up 30% in a year.
San Juan Capistrano 92675: $1.21 million (new) — up 35% in a year.
San Clemente 92672: $1.19 million (new) — up 26% in a year.
Yorba Linda 92887: $1.16 million (new) — up 40% in a year.
San Clemente 92673: $1.10 million (new) — up 15% in a year.
Yorba Linda 92886: $1.09 million (new) — up 36% in a year.
Huntington Beach 92648: $1.08 million — up 1% in a year.
Irvine 92620: $1.03 million (new) — up 7% in a year.
Seal Beach 90740: $1 million — off 8% in a year.
Here’s Orange County’s lowest prices ZIPs …
Santa Ana 92703: $590,000 — up 4% in a year.
Garden Grove 92843: $570,000 — up 23% in a year.
Santa Ana 92707: $566,750 — up 10% in a year.
Stanton 90680: $506,000 — up 11% in a year.
Laguna Woods 92637: $325,000 — off 14% in a year.
Santa Ana 92701: $310,000 — off 14% 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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