A planned city developed in the 1960s and incorporated in 1971, Irvine, California, is one of the larger cities in Orange County, with a population of more than 200,000. The city is located just minutes from the Pacific Ocean’s many beautiful beaches and there are several colleges and universities located within Irvine as well as a number of technology companies. The city is quite affluent, especially for a city of its size. In 2007, Irvine’s annual median household income was measured to be nearly $99,000, making it the seventh-most wealthy city in the U.S. with a population over 65,000. Likewise, the Irvine real estate market tends to be in the upper range of the county, with most prices currently in the $500,000 to $700,000 range.

Irvine has eight zip codes, and housing statistics can vary among the various neighborhoods within the city. According to the Orange County Register’s annual zip code chart for 2009, each of the eight zip codes ended 2009 with median prices lower than what they were at the end of 2008, with declines ranging from as little as 1.7% to as high as 12.1%. Prices ranged from as high as $725,000 (where the median was down 12.1%) to as low as $450,000 (with a 1.7% decline). Meanwhile, sales volume was up in four zip codes but down in four others. Two zip codes saw double-digit increases in sales activity, up 37% and 38% to 254 sales and 231 sales, respectively. The zip code with the largest drop in sales activity saw volume down 6.4% with 161 Irvine homes for sale sold.

More recently, as 2010 has begun, the Irvine market has been off to a fresh start and as recently as March, the city’s real estate market was showing much more positive signs. According to the Orange County Register’s monthly zip code chart, the median price for homes sold in Irvine was up year-over-year in all but one zip code, and even in that area, it was down only a mere 1.8%. Median prices in March ranged from $430,000 to $847,500. Meanwhile, March showed significant progress in the city’s sales volume with every single one of the Irvine’s eight zip codes seeing an increase in sales. The number of sales ranged from 15 to 59. Increases ranged from 25% to 483%, showing that the market is seeing robust activity as homebuyers rush to get into the market before prices are too high again.