A Closer Look at Irvine’s Woodbridge Housing Market

Last week I wrote about some new homes (The Branches) that will be built in Irvine’s well established Woodbridge neighborhood. To get a better idea how these “coming soon” Woodbridge homes compare with existing Woodbridge homes, today we will take a look at Irvine’s Woodbridge neighborhood.

First, the numbers: Woodbridge—August 2012:

Area

List Price/
# Homes Listed

Sold Price/ #Homes Sold

Median List/SF

Median Sold/SF

% Chg Y-O-Y Sold Price/SF

Houses

$759K/11

$725K/6

$371

$368

-0.5%

Condos

$589K/23

$303K/24 

$333

 $303

4.8% 

All Woodbridge

 

$678K/34

 

$475K/30

 

$352

 

$310

 

-3.1%

All Irvine

$736K/390

$536K/267

$362

$328

3.5%

The following graphs show the change in the number of Woodbridge homes on the market (inventory), the price per square foot of Woodbridge houses, and the price per square foot of Woodbridge condos, respectively.

To give more meaning to these numbers and graphs, I am listing some homes that are near the bottom, top, and middle of the price range for homes in the Woodbridge real estate market.

193 Briarwood (http://www.redfin.com/CA/Irvine/193-Briarwood-92604/unit-37/home/5506026)

Note: This home is one of the least expensive homes in Woodbridge that is not “sale pending” or a manufactured home.

 

• Condo built in 1978 (one common wall and one carport space)
• Beds/Baths: 3/1.25 (1135 sf)
• HOA Dues: $372/month
• Mello Roos Tax: No
• Price: $355,000/$313 per square foot

35 Waterway (http://www.redfin.com/CA/Irvine/35-Waterway-92614/unit-1/home/5642920)

Note: Although this is not the most expensive home in Woodbridge, it is one of the more expensive Woodbridge homes.

 

• Condo built in 1985 (one common wall)
• Beds/Baths: 3/2.5 (2700 sf)
• HOA Dues: $210/month and $82/month
• Mello Roos Tax: No
• Price: $975,900/$361 per square foot

89 West Yale Loop (http://www.redfin.com/CA/Irvine/89-W-Yale-Loop-92604/unit-6/home/5463973)

 

• Condo built in 1977 (one common wall)
• Beds/Baths: 4/2.5 (2156 sf)
• HOA Dues: $442/month.
• Mello Roos Tax: No
• Price: $649,900/$301 per square foot

Source: Redfin


Astute Observations

Astute Observation by rjd
2012-10-10 08:25 PM

Looks like very very low interest rates are doing their job in keeping the market alive.

What happens with $900k homes at 6.75% and conforming Loan limits reduced.

More importantly how will the 2013 change in Conforming Loan limits impact Irvine. Will you be doing a piece on this in the near future.

Astute Observation by Sylvia Walker
2012-10-11 12:26 AM

Some articles that I read in the Register says that the housing market in improving in O.C. It will be interesting to see what happens in Irvine as well as the rest of O.C. when all the changes you mentioned occur.

I didn’t have any immediate plans to write about this, but I will keep it in mind. Thanks for the input.

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