November 2015 Costa Mesa Real Estate Report

Costa Mesa Real Estate Continues Strong Selling Trend

Below is a recap of the November 2015 Costa Mesa Real Estate Report with current Orange County Real Estate marketplace, effective 11/10/2014 versus one year ago.

Prices

Resale Homes +5.7%, Resale Condos +7.4% and New Home Sales +9.1%

Sales Volume

Resale Homes -4.1%, Resale Condos -14.8% and New Home Sales +1.3%

Facts

• Median Home Price is $580,000 up from $540,000 a year ago
• Sales Volume is down, 2,863 versus 3,075 a year ago
• Average Home Payment is $2,656.95 up from $2,531.85 a year ago
• Inventory is down from 7,174 to 7,663 just one month ago
• Mortgage Defaults, 373, down .9% versus one year ago
• Foreclosures, 113, are up from 80 versus one month ago
• Average Days on Market 3.24 months (107 days)

Interest Rates

• 30 year fixed Mortgage rate is currently 4.02%, up versus one week ago
• 15 year fixed rate is 3.21%, up versus one week ago
• Adjustable Rate Mortgages are on the rise…

Trends

• All totaled, OC home values are up 7.4% versus last year
• All totaled, OC sales volume is down 6.9% versus last year
• California construction employment is up 31% versus post-recession lows
• Equity sales account for 95% of all OC transactions
• Investors account for 14% of all CA home sales, down from 19% last year
• Buyers are paying 97% of resale sales price versus 99% last year
• Only 3.6% of all OC homes still underwater (19,840 homes)
• $1m+ home now represent 26.5% of all OC home sales
• OC Home building is up 71% versus last year, fastest pace since 2007
• Developers have sold 1 out of 8 homes in OC over the past year!
• Home ownership at its lowest point in 19 years (64.4%)
• Highest price increase VLY; Newport Beach, 92662, +99.6%
• Largest price decrease VLY; Dana Point, 92624, -28.0%