The Costa Mesa Market Report: January 2008
It is time to see how the housing market is doing is Costa Mesa. I will be providing these updates on a monthly basis (for both the Costa Mesa and Irvine housing markets). My intention is to provide an easy way to track the housing trends in these markets throughout this new year of 2008.
Today, I will be using the information provided on Altos Research’s website. Altos provides easily accessible information; however, I am disappointed that their default stats are for single-family homes. This is a relic of the past. Today, condos are a significant feature of the housing market, especially in places like Orange County. (Any suggestions out there for a good source that includes the stats for both single-family homes and condos?)
So here are the Costa Mesa market stats as of January 06, 2008:
According to Altos Research, the median single-family home price in Costa Mesa as of January 06, 2008, is $748,007; the median price per square is about $430.
Note: For some insight into how realistic the hopeful homesellers are being in setting their asking price, compare Trulia’s stats for sales prices in Costa Mesa: average sales price is $669,472 for Sept-Nov 2007; median sales price is $619,136 for Sept-Nov 2007. However, keep in mind that these numbers include condos and single-family homes. See tomorrow’s post for more information on these prices.
The Market Action Index is 16.03. This number shows the balance between potential buyers and sellers, you know, good ole supply and demand. Above 30 is a sellers’ market; below 30 is a buyers’ market. We are definitely in buyers’ market territory here in Costa Mesa.
Properties in Costa Mesa have been on the market for an average of about 84 days. As the chart shows, it is taking longer and longer to sell a home in Costa Mesa. Also, there are currently about 328 properties on the market in Costa Mesa.
Now, here are some charts, provide courtesy Altos Research, to help you visualize the current Costa Mesa housing trends:
Number on Homes on the Market: 328