Reality Check: Costa Mesa Condo & Detached Stats, July 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 reveals whether sellers are being realistic with their asking price. In other words, it provides a reality check for homesellers and homebuyers.

For comparison, I included the numbers from five years ago (2003). Predictions vary, but some predict Orange County housing prices will eventually return to these levels.

Yesterday’s post, which covered the status of the detached home market in Costa Mesa, revealed that a bottom has not been reached in this market. Today’s post, which covers the condo and detached home market in Costa Mesa, reveals the same. Note that the number of sales is about the same as it was this time last year.

Now for the reality check: Homeowners are asking on average about $170,000 more than the average sales price. Also, homeowners’ average asking price increased by over $9,000 from the previous period, but the average sales price decreased by over $36,000. It seems that Costa Mesa homesellers haven’t come to terms with current market conditions.

Here are the condo+detached Costa Mesa housing numbers for 2008:

• Average Listing Price for:
  • Week Ending July 09: $688,495
  • Week Ending June 09: $679,047
  • Week Ending May 07: $696,330
  • Week Ending April 09: $677,338
  • Week Ending March 05: $678,172
  • Week Ending Jan 30: $701,471
• Average Sales Price for:
  • Apr-Jun 2008: $517,483
  • Mar-May 2008: $553,586
  • Feb 2008-April 2008: $575,432
  • Jan 2008-Mar 2008:$591,601
  • Dec 2007-Feb 2008: $589,408
  • Nov 2007-Jan 2008: $620,022
  • One year ago (Apr-Jun 2007): $733,267
  • Five years ago (Apr-Jun 2003): $476,137
• Median Sales Price for:
  • Apr-Jun 2008: $493,307
  • Mar-May 2008: $520,148
  • Feb 2008-April 2008: $530,150
  • Jan-Mar 2008: $540,000
  • Dec 2007-Feb 2008: $540,000
  • Nov 2007-Jan 2008: $565,000
  • One year ago (Apr-Jun 2007): $705,000
  • Five years ago (Apr-Jun 2003): $425,000
• Average Price/SF for:
  • Apr-Jun 2008:$354
  • Mar-May 2008: $399
  • Feb-April 2008: $440
  • Jan-Mar 2008: $444
  • Oct-Dec 2007: $450
  • One year ago (Apr-Jun 2007): $502
  • Five years ago (Apr-Jun 2003): $362

• Number of Sales for:
  • Apr-Jun 2008: 220
  • Mar-May 2008: 194
  • Feb 2008-April 2008: 171
  • Jan-Mar 2008: 164
  • Dec 2007-Feb 2008: 134
  • Nov 2007-Jan 2008: 133
  • One year ago (Apr-Jun 2007): 223
  • Five years ago (Apr-Jun 2003): 342

Source: Trulia

Note: For more information on the Costa Mesa housing numbers, see yesterday’s post “The Costa Mesa Market Report: Detached Home Stats, July 2008.“