Anecdotally it makes sense, but looking at home prices in Orange County within the context of zip codes really drives home the fact that this is a sellers market.
The O.C. Register reports that the number of million-dollar Orange County neighborhoods has increased by nine in the past year, while there are 11 fewer “affordable” ZIP codes with sale prices under $600,000.
Jonathan Lansner looked at February sales numbers from DQNews/CoreLogic, and found 22 of the county’s 83 zip codes had median selling prices above $1 million, compared to 13 a year earlier. When looking at “affordable” sales—those Lansner flagged as under $600,000—there were just six zip codes, compared to 17 a year earlier. Those “affordable” zip codes largely center around Santa Ana, but also include Garden Grove, Stanton and Laguna Woods.
Take a look at the year-over-year breakdown of million-dollar zip codes as featured in the O.C. Register:
Newport Beach 92661: $3.37 million — up 40 percent
Corona del Mar 92625: $2.91 million — off 13percent
Newport Coast 92657: $2.72 million — off 36 percent
Laguna Beach 92651: $2.23 million — up 13 percent
Newport Beach 92662: $2.18 million — off 25 percent
Newport Beach 92660: $1.96 million — up 15 percent
Newport Beach 92663: $1.79 million — off 25 percent
Villa Park 92861: $1.56 million — up 24 percent
Irvine 92603: $1.50 million — up 25 percent
Irvine 92602: $1.36 million — up 2 percent
Dana Point 92624: $1.25 million — up 12 percent
Santa Ana 92705: $1.24 million (new) — up 38 percent
Dana Point 92629: $1.24 million (new) — up 38 percent
Trabuco/Coto 92679: $1.23 million (new) — up 30 percent
San Juan Capistrano 92675: $1.21 million (new) — up 35 percent
San Clemente 92672: $1.19 million (new) — up 26 percent
Yorba Linda 92887: $1.16 million (new) — up 40 percent
San Clemente 92673: $1.10 million (new) — up 15 percent
Yorba Linda 92886: $1.09 million (new) — up 36 percent
Huntington Beach 92648: $1.08 million — up 1 percent
Irvine 92620: $1.03 million (new) — up 7 percent
Seal Beach 90740: $1 million — off 8 percent