The Costa Mesa Market Report: Condo Housing Stats, August 2008

Note: The stats for detached homes provide a good overview of market trends in each city. However, condos also play a significant role in the Orange County housing market, so taking a look at these numbers is also helpful. That is what we will do with the following housing numbers.

As with tomorrow’s post (which is a overview of the statistics for the detached homes market in Costa Mesa), I am switching over to the Redfin’s inventory and pricing tools to help with determining the status of the housing market. So unless otherwise noted, the following numbers are from Redfin’s Costa Mesa “Overview of Homes for Sale” webpage. This page includes the Costa Mesa inventory and pricing numbers as well as the associated charts and graphs. So if you would like to see the charts and graphs, click on the link for the above mentioned overview page. Also, note that the numbers with an asterisk (*) are based on homes sold or taken off the market in last 90 days.

For more information on the August Costa Mesa housing numbers, see tomorrow’s post “The Costa Mesa Market Report: Detached Home Stats, August 2008.” For a review of the January 2008 to July 2008 Costa Mesa housing numbers, see “The Costa Mesa Market Report: Detached Homes Stats, July 2008” and “Reality Check: Costa Mesa Market : Detached & Condo Homes Stats, July 2008.”

Following are the Costa Mesa condo housing numbers for August 2008. I will let you draw your own conclusions concerning the difference between the overall list price and overall selling price as well as the difference between the list price per square foot and the sold price per square foot.

• Median List Price:
  • August 21,2008: $380K
• Median Sold Price for*:
  • August 21, 2008*: $262K
• Median List Price/SF:
  • August 21,2008: $297
• Median Sold Price/SF*:
  • August 21,2008: $217
• Median Days on Redfin*:
  • August 21,2008: 85
• Total Number of Homes on the Market:
  • 189 (13 are bank- and MLS-listed foreclosures)
• % Homes with Price Reductions/Median Number of Reductions/Median Total % Reduction*:
  • August 21,2008: 46.1%/2/10.5%

*Based on homes sold or taken off market in the last 90 days.