The Costa Mesa Market Report: March 2008

It is time to see what the March 2008 numbers tells us about the housing market in Costa Mesa.

First, following is a look at the data that combines the numbers for condos and detached homes. As shown by these numbers, homeowners have lowered their asking price but are still asking more than is realistic in the current market (compare the average listing price to the average sales price).

Average Listing Price for Week Ending March 05: $678,172—on week ending Jan 30: $701,471
Average Sales Price for Dec 2007-Feb 2008: $589,408—for Nov 2007-Jan 2008: $620,022
Median Sales Price for Dec 2007-Feb 2008: $540,000—for Nov 2007-Jan 2008: $565,000
Average Price/SF for Dec 2007-Feb 2008: $390—for Nov 2007-Jan 2008: $414

And…

Number of Sales from Dec 2007-Feb 2008: 134
Number of Sales from Nov 2007-Jan 2008: 133

Source: Trulia

Next up are the charts and numbers for detached homes as provided by Altos Research. Most of the Costa Mesa indicator numbers show a continuing trend in the buyers’ favor: median sales price, price per square foot, and days that Costa Mesa homes stay on the market have all increased. These trends are to the buyers’ delight and the sellers’ chagrin.

However, two of the indicators did show some slight movement in the direction that is favorable to the seller: First, as they did last month, the number of homes on the Costa Mesa market continued to decline. Second, the Market Action Index (the indicator showing the balance between supply and demand) trended up slightly from last month. Both of these could be considered favorable signs for the seller. However, these indicators in the sellers’ favor are so slight and the indicators in the buyers’ favor are so strong that the beginning of a shift more favorable to sellers is not indicated.

• Median Sales Price:

March 09, 2008: $716,286
February 03, 2008: $735,900
January 06, 2008: $748,007

• Price Per Square Foot:

March 09 2008: $415
February 03 2008: ~ $424
January 06, 2008: $430

• Market Action Index:

March 09, 2008: 16.04
February 03 2008: 15.91
January 06, 2008 16.03

Note: The Market Action Index 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.

• Days on Market:

March 09, 2008: 105 days
February 03 2008: 93 days
January 06, 2008: 84

• Number of Homes on the Market:

March 09, 2008: 304
February 03 2008: 315
January 06, 2008: 328