January 10, 2008

The Costa Mesa Market Report: January 2008

charts The Costa Mesa Market Report: January 2008  The Costa Mesa Market Report: January 2008It 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:

 The Costa Mesa Market Report: January 2008
Median Sales Price: $748,007

 The Costa Mesa Market Report: January 2008
Price Per Square Foot: $430

 The Costa Mesa Market Report: January 2008
Market Action Index: 16.03

 The Costa Mesa Market Report: January 2008
Days on Market: 84

 The Costa Mesa Market Report: January 2008
Number on Homes on the Market: 328


  • Ryan

    I’ve been watching the market conditions in and around Costa Mesa area. I’m interested specifically in Costa Mesa real estate as I grew up in that area and with prices falling steadily I’ll be able to buy a home there soon enough. I know it isn’t exactly good for the economy to have prices going so low but it’s great if you’re a buyer!

  • Hi Jordan,

    Good point about the different areas in Costa Mesa. That is probably true for most cities in Orange County, even in what some would call homogenous Irvine (I will write more about “beige” Irvine in some upcoming posts.) So in addition to providing overall information for Costa Mesa and Irvine, and as time and resources allow, I would also be interested in providing analysis on the housing activities in the individual communities in these cities. Thanks for the suggestion.

    Also, you seem to have knowledge of the Costa Mesa area. In writing this blog, my intent is to connect the housing listing information with community information. So any insights that you have about the different areas in Costa Mesa (such as “What’s going on in the Westside?” or “What’s going on in the Eastside.” Or anything else that might occur to you), please send it my way.

    Also, thanks for your encouraging feedback concerning our blog, and keep the 2c (or even buck 50) coming.

  • Jordan

    Sylvia and Mike,

    I am really enjoying these new Redfin blogs. Keep up the good work. As long as you are looking into better ways to analyze your data, you ought to consider breaking up the stats between East and West side Costa Mesa. There are really two very distinct markets there with strikingly different demographics. Having the demographics mixed really hinders the results of your analysis / market trends. Just my 2c.

  • Hi Mike,

    Thank you for your kind comments concerning our work. I didn’t mean to sound unappreciative because the Altos market information has been very useful to us here at the Redfin blog.

    It is just my thought that in someplace like Orange County, where condos play a big role in the housing market, market information that combines the numbers for both condos and single-family homes would give the most accurate picture of what is going on in the housing market.

    Thank you for the information about Altos. I will pass your comment on to others at Redfin.

    And again, thank you for your kind comment and the use of the Altos reports. It is nice to know that you like how we are using them on our blog.

  • Hi Sylvia - Mike from Altos here

    I love the great posts you and the rest of the Redfin blogging team are doing with our data. Keep it up!

    On the single-family data: We do of course monitor condos and townhomes. We keep them as separate analyses so you can watch the trends, which may be very different. The condo data, and zip-code level details, plus a whole lot of other details are in our premium products. Give me a buzz, I'd be glad to share more!

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