Bulls rejoice! The activity in 92612 is undeniably bullish. Increasing price on increasing volume is the sign of a healthy market.
Of course, there may be more there than meets the eye. The 92612 area code contains the Jamboree corridor where they are selling new condos (and dumping some of the overpriced trash from the Marquee). Builders have been offering incentives to artificially keep the price up and stimulate sales. It seems to be working.
The rest of Irvine… well, it does not look quite so bullish:
92603 is Turtle Ridge and Turtle Rock, and it is sporting a whopping 15.9% price decline and a 38.3% drop in sales which portends of even more price declines.
92620 is Northwood and Woodbury. The equity crushing 31.6% decline coupled with an monsterous 46.7% decline in sales does not correlate with the bullish rumors.
So much for the best neighborhoods holding their value.