Everyone asks – Is it a seller’s market in Costa Mesa CA now? It will be the topic of most of my Christmas and holiday parties that I attend. So let’s cut right to the chase, then answer why the market is the way it is right now.
Yes, it is a seller’s market in Costa Mesa CA now. Without a doubt.
Why is that? We still have an inventory problem. There is not enough for sale in the Costa Mesa real estate market right now. A quick look on inventory as of this morning: Mesa Verde has 14 active listings, South Coast Metro area has 12 active listings, and Eastside has 50 active listings, 31 of which are priced more than $1 Million (!). In total, Costa Mesa currently has about 120 active listings. Is that low? Yes. A balanced inventory, one where buyers and sellers are on equal footing would have inventory closer to about 250 active listings.
Why else is it a seller’s market in Costa Mesa CA now? Late fall can be a tough time for new listings to come online, especially after Halloween. Most people incorrectly think that the summer is still the best time to sell. With continued low inventory in Costa Mesa, most sellers can stand firm on their pricing.
You Gotta Move! Another reason it is a seller’s market in Costa Mesa CA now is that people are not moving as frequently as they used to in the past. The national average has slipped from it’s normal 7 year pace for a home turning over. Locally in Costa Mesa, the trend now is closer to every 13 years for a home changing hands. That’s a long time! Consider a street on your block – if there are 20 homes on a street, most of them will not turn over now in your lifetime.
Hurry up and Change! I’m not sure which market I like better, whether it be a buyer’s market or a seller’s market. But it will change, give it time. It is always tough to know when that is going to happen. I would expect to see changes in Inventory in early spring 2018; I think there will be more inventory. But not a lot more to take us out of the low inventory issue that seems to be a recurring monster each spring. I think you will also see some of the higher priced homes that have not sold as of yet this year come off the market and opt to lease since they have not found a buyer. You can track the general numbers for Costa Mesa on Trulia’s site.
Curious to what will happen next? Read our blog on 2018 Bold Predictions for Costa Mesa real estate. And check our predictions how we did on our 2017 predictions since the year is almost through.
Need help with Costa Mesa real estate? Colin Delaney can be reached by cell/text at 714-743-9882 or you can always email for help.