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%
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