The Costa Mesa Market Report: Condo Housing Stats, September 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.

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.

Following are the Costa Mesa condo housing numbers for September 2008. With the overall median sold price and the median price per square foot considerably lower than last month, the Costa Mesa housing numbers tell the same story that they have been telling for some months now: In a nutshell, housing prices are still declining in Costa Mesa. Also note that the asking (list) price and the sold price are still not in alignment.

Tomorrow we’ll take a look at the September stats for detached homes in Costa Mesa. Preview: a different story than what the Costa Mesa condo stats tell us.

• Median List Price:
  • September 17, 2008: $360K
  • August 21, 2008: $380K
• Median Sold Price for*:
  • September 17, 2008: $200K
  • August 21, 2008*: $262K
• Median List Price/SF:
  • September 17, 2008: $299
  • August 21, 2008: $297
• Median Sold Price/SF*:
  • September 17, 2008: $200
  • August 21, 2008: $217
• Median Days on Redfin*:
  • September 17, 2008: 85
  • August 21, 2008: 85
• Total Number of Homes on the Market:
  • September 17, 2008: 164 (10 are bank- and MLS-listed foreclosures; 3 are for sale by owner.)
  • August 21, 2008: 189 (13 are bank- and MLS-listed foreclosures)
• % Homes with Price Reductions/Median Number of Reductions/Median Total % Reduction*:
  • September 17, 2008: 49.1%/2/11.6%
  • August 21, 2008: 46.1%/2/10,5%

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

For more information on the September Costa Mesa housing numbers, see tomorrow’s post “The Costa Mesa Market Report: Detached Home Stats, September 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.”