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

Note: This month I will start using 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” page. 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 above mentioned overview page link. 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 yesterday’s post “The Costa Mesa Market Report: Condo Housing 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 Detached & Condo Homes Stats, July 2008.”

Following are the 2008 detached home statistics for Costa Mesa. The August detached home stats for Costa Mesa are similar to last month’s stats: the housing numbers are still declining slightly in the buyers’ favor. In other words, there is no housing market turnaround in Costa Mesa at this time.

• Median List Sales Price:
  • August 21, 2008: $667K
  • July 06, 2008: $682,521 (Source: Altos Research)

• Median Sold Price*:
  • August 21, 2008: $540K

• Median List Price Per Square Foot:
  • August 21, 2008: $377
  • July 06, 2008: $380 (Source: Altos Research)

• Median Sold Price/Per Square Foot*:
  • August 21, 2008: $333

• Days on Market:
  • August 21, 2008: 88—median DOM, source: Redfin* (average DOM according to Altos is 122)
  • July 06, 2008: 94 (average DOM, source: Altos Research)

• Number of Homes on the Market (Inventory):
  • August 21, 2008: 340 (13 are bank- and MLS-foreclosures; 6 are for sale by owner)
  • July 06, 2008: 305 (Source: Altos Research)

• % Homes with Price Reductions/Median # of Reductions/Median % Reduction*:
  • August 21, 2008: 53%/2/8.5%

• Market Action Index:
  • August 21, 2008: 16.02 (Source: Altos Research)

Note: The Altos 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.