Costa Mesa Market Report: February 2008
It is time to see how the housing market is doing is Costa Mesa.
First, a February 2008 reality check to see how realistic hopeful homesellers are in setting their asking prices. Following are some numbers as listed on Trulia that allow for comparison between listing price and sold price in Costa Mesa. In regard to the price that they list their home for and what the market will bear, homeowners still appear to have unrealistic expectations. (The following numbers include condo and detached homes.)
Average Listing Price for week ending Jan 30: $701,471— down 5.7% from prior month
Average Sales Price for Nov 2007-Jan 2008: $620,022
Median Sales Price for quarter ending Jan 2008: $565,000—down 8.6% from prior quarter
Average Price/SF for quarter ending Jan 2008: $414—down 11.2% from prior quarter
And…
Number of Sales from Nov 2007-Jan 2008: 133
Number of Sales from Nov 2006-Jan 2007: 184
Next the charts and numbers as provided by Altos Research. Not much new here: still a buyers’ market and only become more so. All the numbers except the number of homes on the market are continuing to trend in the buyers’ favor. The number of homes on the market in Costa Mesa did decrease slightly, but I wouldn’t put much significance to this. (The following numbers are for detached homes.)
- Median Sales Price:
February 03, 2008: $735,900
January 06, 2008: $748,007
The median single-family home price in Costa Mesa as of February 3, 2008 is $735,900. The median price a seller can get for a home continues to decline.
- Price Per Square Foot:
February 03 2008: ~ $424
January 06, 2008: $430
The price per square in Costa Mesa as of February 3, 2008 is approximately $424. Just as the median price that a seller can get for a home is declining, the price/square foot that a seller can get for a home is also declining.
- Market Action Index:
February 03 2008: 15.91
January 06, 2008 16.03
As of February 3, 2008, the Market Action Index in Costa Mesa has declined to 15.91. This number shows the balance between potential buyers and sellers, in other words, the balance between supply and demand. Above 30 is a sellers’ market; below 30 is a buyers’ market. We continue to go deeper into a buyers’ market here in Costa Mesa.
- Days on Market:
February 03 2008: 93 days
January 06, 2008: 84
As of February 3, 2008, the number of days that a home stays on the market in Costa Mesa has increased to 93. Bad news for sellers; good news for buyers.
- Number of Homes on the Market:
February 03 2008: 315
January 06, 2008: 328
Here is the one bit of good news for the hopeful homeseller: As of February 3, 2008, fewer home are on the market in Costa Mesa than a month ago. However, when taken into consideration with the other indicators, I wouldn’t give this increase much weight. However, this indicator is worth keeping an eye on in coming months.
