Nearly half of home prices slashed in 1 Irvine ZIP

June 8th, 2009, 1:00 pm · 4 Comments · posted by Erika Chavez, Staff Writer

Real estate site Trulia.com has released nationwide data on price reductions as of June 3rd. Across the country, 23.6 percent of homes on the market have experienced at least one price cut, totaling $24.7 billion in reductions.

Closer to home, Irvine ZIPs saw price reductions ranging from 21% of homes in 92604 to 43% in 92618. The only O.C. ZIP code that saw a higher percentage of price reductions was 92861, which includes Villa Park. There, 58% of homes currently for sale have seen price reductions.

The amount of the average reduction ranged from 6% off the original list price in 92606 to 12% off in 92618. Check out the average list price in uber-expensive 92603, even after the price reductions…

ZIP	% Listings Reduced	Avg. Price Pre-Reduction	Avg. Reduction	Avg. Price Post-Reduction
92602	28%	$884,903	7%	$823,369
93603	29%	$2,274,856	10%	$2,040,464
92604	21%	$589,552	7%	$547,229
92606	24%	$545,150	6%	$513,292
92612	26%	$644,572	10%	$578,280
92614	27%	$580,084	10%	$524,219
92618	43%	$817,653	12%	$718,123
92620	28%	$626,764	10%	$565,589

How did your ZIP code fare? Do you think we’ll see more or bigger price reductions in the next six months or one year? Or do you see prices stabilizing? Sound off!

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Irvine housing's 'Mood Ring'

For the calendar month of October -- DataQuick's freshest stats -- we tap into Irvine's homebuying mood with how local ZIPs fare vs. a year ago! ZIPs with GAINING median prices and sales are GREEN while MIXED trends are YELLOW and FALLING prices and sales are RED!

ZIP	Price	Ch.	Sold	Ch.
92602	$757500	+27%	32	+28%
92603	$642500	-31%	29	+26%
92604	$535000	+1%	40	+135%
92606	$537500	-6%	17	-19%
92612	$520000	+10%	37	+28%
92614	$480000	+23%	21	+62%
92618	$550000	+8%	23	+92%
92620	$615000	-8%	56	+24%

Overall O.C. home trends are HERE!

observer says:

June 8, 2009 at 10:07 pm

A reduction to affordability (income:debt) will be good for the economy. There will be much pain from going through withdrawals. The masters will offer more candy to ease the pain and keep the monkey on the peoples’ backs.

saywhat says:

June 9, 2009 at 5:18 pm

I’m confused by this article.

It says “Closer to home, Irvine ZIPs saw price reductions ranging from 21% of homes in 92604 to 43% in 92618.”

The 43% reduction, as far as I can tell from the table, is the %of listings, NOT the percentage of “home prices” as suggested in the title of this article. The percentage of price reductions is the second column from the right.

ERIKA CHAVEZ, THE ORANGE COUNTY REGISTER says:

June 9, 2009 at 8:48 pm

Sorry if that was confusing. That’s why I wrote “21% of homes,” etc., and not “a 21% price reduction.” In other words, this many homes had their price reduced.

Glen Dawson says:

June 11, 2009 at 6:07 pm

Where can I find a map that shows which parts of Irvine each zip code covers? Thanks!

Orange County Register