Costa Mesa Real Estate Continues Selling Trend August 2013

Buyers continued to bid up the price for Orange County homes and Costa Mesa real estate in August, pushing median prices up $20,500 from July 2013 levels. Good news if you’re a homeowner!

 

Prices are finally going up! demand is strong, and inventory is very short on supply.

 

Last month’s median home price – or price at the midpoint of all sales – jumped to $560,000, a six-year high, Data-Quick Information Systems reported Thursday. That’s up $115,000, or 25.8%, from the median home price a year earlier. The gain, the third-biggest percentage jump since 2004, defies indications that the housing market was starting to cool as more sellers entered the fray.

 

Prices were up across the board, Data-Quick reported, including in Costa Mesa real estate. The median price of an existing house increased 20.7%, to $625,000. The condo price median was down from the previous four months but up 23.4%, to $364,000, from a year earlier.

 

The median price for newly built homes – houses and condos – was up 28.3%, to $707,000. Data-Quick reported that 3,477 homes changed hands last month, up 4.2% from August 2012 levels. It was the busiest August in eight years.

 

Yes, in general, so long as interest rates continue to remain at lower rates for Costa Mesa buyers to buy at adjusted lower prices/rates.

 

What do you see coming? I think we are going to see increased inventory in Costa Mesa real estate, as it has already increased since this spring. It’s not up much, but levels are certainly increasing. I think when we get into the early parts of next year (2014), Costa Mesa real estate levels of inventory will be close to normal again.

 

Fewer homes will be sold, and only the most premium Costa Mesa properties will sell at these prices/levels. I think if you are looking for a fixer, it’s a great time this fall to get a bargain, especially if you are buying using a bank loan. Also, a lot of our market has been driven by investors and the media’s rosy outlook on things. Investor demand has slipped, although the media continues to report that the housing market is positive and doing well, which is certainly true.

 

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