The Costa Mesa Market Report: Detached Homes Stats, June 2008

This month’s numbers indicate a slight improvement in market conditions for hopeful homesellers of detached homes in Costa Mesa. However, although the Market Action Index moved to a number that is slightly more favorable to the seller than last month’s number, the index still indicates that Costa Mesa is firmly a buyers’ market.

Fewer days on the market is the main good news for homesellers. However, the median sales price and the median price per square foot continued to decline—not what the homeowner wants to see.

Tomorrow we’ll look at the detached+condo monthly numbers and see what they tell us about the status of the Costa Mesa housing market. Preview: less encouraging news for homesellers than these detached stats.

Here are the 2008 detached home statistics for Costa Mesa, as provided by Altos Research:

• Median Sales Price:

June 08, 2008: $688,307
May 11, 2008: $690,275
April 20, 2008: $702,668
March 09, 2008: $716,286
February 03, 2008: $735,900
January 06, 2008: $748,007

• Price Per Square Foot:

June 08, 2008: $384
May 11, 2008: $391
April 20, 2008: $403
March 09 2008: $415
February 03 2008: ~ $424
January 06, 2008: $430

• Market Action Index:

June 08, 2008: 16.58
May 11, 2008: 15.96
April 20, 2008: 15.60
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:

June 08, 2008: 98
May 11, 2008: 108
April 20, 2008: 106
March 09, 2008: 105
February 03 2008: 93
January 06, 2008: 84

• Number of Homes on the Market (Inventory):

June 08, 2008: 300
May 11, 2008: 301
April 20, 2008: 307
March 09, 2008: 304
February 03 2008: 315
January 06, 2008: 328

Note: For more information on the Costa Mesa housing numbers, see tomorrow’s post “Reality Check: Costa Mesa Condo & Detached Home Stats, June 2008.”