Reality Check: Costa Mesa Condo & Detached Stats, April 2008

Note: The Altos graphs and numbers, which are for detached homes, provide a good overview of market trends in each city. However, condos also play a big role in the Orange County housing market, so it is helpful to take a look at these numbers in combination with the detached home numbers. That is what we will do with the following housing numbers. I also like these numbers for another reason: Comparing the average listing price to the average sales price shows if sellers are being realistic with their asking price. In other words, it provides a reality check for homesellers and homebuyers.

Here are the condo+detached Costa Mesa housing numbers for this April 2008. With an average asking price of $677,338 and an average sales price of $591,601, reality still hasn’t struck many Costa Mesa homesellers.

• Average Listing Price for:
  • Week Ending April 09: $677,338
  • Week Ending March 05: $678,172
  • Week Ending Jan 30: $701,471
• Average Sales Price for:
  • Jan 2008-Mar 2008:$591,601
  • Dec 2007-Feb 2008: $589,408
  • Nov 2007-Jan 2008: $620,022
  • One year ago (Jan-Mar 2007): $761,156
• Median Sales Price for:
  • Jan-Mar 2008: $540,000
  • Dec 2007-Feb 2008: $540,000
  • Nov 2007-Jan 2008: $565,000
  • One year ago (Jan-Mar 2007): $695,000
• Average Price/SF for:
  • Jan-Mar 2008: $444
  • Oct-Dec 2007: $450
  • One year ago (Jan-Mar 2007): $552

• Number of Sales from:
  • Jan-Mar 2008: 164
  • Dec 2007-Feb 2008: 134
  • Nov 2007-Jan 2008: 133
  • One year ago (Jan-Mar 2007): 181

Source: Trulia

Note: For more information on the Costa Mesa housing numbers, see “The Costa Mesa Market Report: Detached  Home Stats, April 2008.“