Newport Beach homes own the most zip

By: Allan Heller ~ June 3, 2010

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Below is an interesting OC Register article pointing out how the Newport Beach area housing market has improved over the last quarter.

Newport Beach homes own the most zip

June 3rd, 2010, 12:01 am · posted by Jon Lansner

Newport Beach 92660 had Orange County’s zippiest housing market in the most recently concluded quarter.

So says our Zippy rankings that weigh pricing and sales momentum plus foreclosure frequency as measured by DataQuick stats.

This ZIP — running from Back Bay to around Fashion Island up to the toll road –ranked 7 of 83 for pricing; 2 for sales; and 6 in terms of foreclosures frequency in the community. In the previous quarter, this ZIP ranked 19 of 83 overall.

Second strongest was Newport Beach 92663 – from the pier to around the bay up to Hoag Hospital — followed by Irvine 92614 as third best. The beach theme in the Top10 also included Laguna Beach 92651 (#5); Newport Coast 92657 (#6); and Newport Beach 92661 — basically, most of the Balboa Peninsula (#8).

When you look at the 83 major ZIPs in the county and their Zippys rankings, you see these trends for the best-performing communities:

* The top 25 had a median selling price of $635,000 – that’s +35% vs. the middle of the pack.

* Price momentum of the top 25 — activity vs. a year ago was 17% compared to 8% for the middle of the pack.

* Sales momentum of the top 25 — activity vs. a year ago was 54% compared to 5% for the middle of the pack.

* Forecloures occurred in the top 25 ZIP at a rate of 1.4 homes per 1,000 vs. 2.6 for the middle of the pack.

* Forecloures momentum in the top 25 ZIP — change vs. a year ago — was 11% compared to -2% for the middle of the pack.

Rank Prev. Town ZIP Price Pricing rank Sales rank FC rank
1 19 Newport Beach 92660 $1,126,500 7 2 6
2 42 Newport Beach 92663 $962,500 4 7 15
3 17 Irvine 92614 $495,000 19 4 5
4 51 Irvine 92618 $540,000 12 1 22
5 28 Laguna Beach 92651 $1,250,000 11 10 17
6 33 Newport Coast 92657 $1,686,250 14 13 13
7 45 Fullerton 92835 $570,000 32 9 18
8 3 Newport Beach 92661 $3,300,000 1 63 1
9 33 Irvine 92603 $830,000 16 24 28
10 8 Orange 92866 $483,000 30 37 4

* At right is last quarter’s 10 zippiest ZIPs, as measured by Zippy math, and their respective rankings (1 best; 83 worst) in terms of pricing and sales momentum and foreclosure frequency.

* Two Santa Ana ZIPs finish last in Zippy rankings.

* See this coming Sunday’s Register for more analysis.

PS: What’s a Zippy?

* WHAT? Tally of 3 key home-market performance benchmarks: Pricing and sales momentum (year-over-year change) plus foreclosure density (per homes in neighborhood).

* WHY? All rankings need a nickname, thus, “Zippys.”

* HOW? Using DataQuick data for most recent quarter we rank the 83 ZIPs by price, sales and foreclosure — then determine overall ranking by each ZIP’s average ranking.

via Newport Beach homes own the most zip – Lansner on Real Estate : The Orange County Register.

What are your thoughts?

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