Mesa Verde Closings Are Down in Early 2018- It looks as if Mesa Verde Closings are down in early 2018 as the year starts to unwind in Costa Mesa real estate. As we start the period that should be traditionally one of the busiest selling seasons, only 24 homes and or condos have closed escrow year to date. Compare that figure to 2017 when 37 properties closed, or in 2016 when 34 properties closed escrow. That would leave the Mesa Verde area off by more than 30%.
Mesa Verde Closings Are Down in Early 2018
Why? Hard to say, but I would guess that there are two likely factors: Inventory and Price. Mesa Verde’s inventory sits at a shockingly low 10 active homes as of this writing. That is crazy, crazy low for this time of year. I know there is no ordinary any longer, but a normal/healthy active listing pool would be well over 20 units/homes. And there are currently 17 homes in escrow, so the homes under contract is nearly 2 to 1 for active inventory. That’s highly unusual.
In terms of price, prices are certainly up. Prices were up 6-10% in Costa Mesa last year depending on location and neighborhoods. A condo on Iowa Street sold for $455k as compared to $389k last year; A home on Missouri sold for $760k last year, a home on Wyoming sold For over $790k this year. Prices still seem to be heading upwards, even though Mesa Verde Closings Are Down in Early 2018.
Personally, the lack of inventory is striking. I would expect there to a great deal more on the market since prices are up, but the reverse actually seems to be happening in Mesa Verde right now. Hopefully summer inventory returns to higher levels as it did in the chart you see below.
Want to know more about why Mesa Verde Closings Are Down in Early 2018? Connect with Realtor Colin Delaney from GateHouse Properties at 714.743.9882 or via his email.