The Costa Mesa Market Report: Detached Homes Stats, September 2008
Note: 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.
Following are the 2008 detached home statistics for Costa Mesa.
Whereas yesterday’s look at the September numbers for Costa Mesa condos told us that housing prices in Costa Mesa are still declining, the detached Costa Mesa stats are telling a different story. According to the following numbers, the prices for detached homes in Costa Mesa leveled off this month. This could mean that sellers of detached Costa Mesa homes are now able to sell their homes at a sustained pricing level; however, other scenarios are possible. So, as always, I’ll report back next month with updated Costa Mesa housing numbers. We’ll see then if it is possible to determine which scenario is developing for the detached housing market in Costa Mesa.
- Median List Sales Price:
- September 17, 2008: $666K
- August 21, 2008: $667K
- Median Sold Price*:
- September 17, 2008: $540K
- August 21, 2008: $540K
- Median List Price Per Square Foot:
- September 17, 2008: $365
- August 21, 2008: $377
- Median Sold Price/Per Square Foot*:
- September 17, 2008: $339
- August 21, 2008: $333
- Median Days on Market*:
- September 17, 2008: 87.5
- August 21, 2008: 88
- Number of Homes on the Market (Inventory):
- % Homes with Price Reductions/Median # of Reductions/Median % Reduction*:
- September 17, 2008: 48.6%/2/8.2%
- August 21, 2008: 53%/2/8.5%
- Market Action Index (Source: Altos Research):
- September 16, 2008: 16.68
- August 21, 2008: 16.02
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. Also note that Altos numbers are for detached homes only (condos are not included) and that the Altos median sales price and median price per square foot is for the list price not the sold price.
Also, according to DQ News in August 2008, the number of sales of condo and detached Costa Mesa homes combined was 48. And, according to DQNews, the August median sales price in Costa Mesa was $522,500, down 22.01% from the August 2007 price of $670,000.
And, finally, Refin’s median numbers for all Costa Mesa homes sold in last 90 days are $466K and $308 per square foot. The number of Costa Mesa homes (condo and detached) currently on the market is 485.
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.”
