Recent Mesa Verde Neighborhood Sales 2024

Hello Mesa Verde! Here are the recent Mesa Verde neighborhood sales for 2024 through the end of April:

Address	Street Name	Bed/Bath	Sold Price
1626	Iowa Street #C	2 / 1	$550,000.00
1616	Iowa Street #D	2 / 1	$565,000.00
2522	Cornerstone Lane	3 / 3	$1,190,000.00
1657	Corsica Place	3 / 2	$1,225,000.00
3339	Maryland Circle	4 / 3	$1,352,000.00
3308	Florida Circle	4 / 3	$1,399,000.00
2859	Serang Place	4 / 2	$1,525,000.00
1593	Minorca Drive	3 / 2	$1,583,000.00
3036	Ceylon Road	3 / 2	$1,600,000.00
2820	Stromboli Road	4 / 2	$1,605,000.00
2995	Ceylon Drive.	4 / 2	$1,660,000.00
3065	Ceylon Road	3 / 2	$1,700,000.00
3119	Gibraltar Avenue	5 / 4	$1,700,000.00
2717	Cardinal Drive	4 / 2	$1,720,000.00
2899	Baker Street	3 / 2	$1,800,000.00
1557	Amberleaf	5 / 3	$1,831,500.00
2066	Goldeneye Place	4 / 3	$1,850,000.00
2894	Club House Road	4 / 2	$1,900,000.00
1797	Oriole Drive	5 / 3	$1,918,000.00
1774	Oriole Drive	5 / 3	$1,920,000.00
3107	Gibraltar Avenue	4 / 3	$1,950,000.00
1953	Killdeer Circle	5 / 3	$1,980,000.00
2773	Albatross Drive	4 / 3	$2,100,000.00
1831	Tanager	5 / 4	$2,113,404.00
2812	Nevis Circle	4 / 3	$2,150,000.00
2923	Palau Place	4 / 2	$2,233,000.00
2772	Tern Circle	4 / 3	$2,300,000.00
1850	Oriole Drive	5 / 3	$2,450,000.00
1817	Hummingbird Drive	4 / 3	$2,595,000.00
1868	Samar Drive	4 / 3	$3,300,000.00

Obviously, not enough recent Mesa Verde neighborhood sales for this early start to 2024, but we are hopeful we will see increased activity through the late spring and early summer timeframe.

So we are trending at about 90 total sales for the annual timeframe, which would be about 20-25% off some of the more active years over the past decade. This trend continues the “mortgage lock-in effect” that has become so prevalent in Orange County and through most of California as well.

The mortgage lock-in effect is due to when interest rates were lowered significantly by the Fed as the pandemic set into the economy in mid-2020 to late 2021. Interest rates plunged down into the high 2% – low 3% rates that had never been seen before, and a huge number of people refinanced or purchased with those low rates. Currently, approximately 78% of Californians (!) have a rate that is lower than 4%, which has had the effect of locking them into their homes because rates are so much higher (7%) now.

Digging into the numbers of the Mesa Verde neighborhood sales, there are a couple of sales in the townhomes in Iowa, both good sales and slightly below the records in that area.

There were a couple of good sales in the Mesa Verde State Streets in the mid to high $1.3M mark on Florida and Maryland of note. The interesting trend is that there are so many sales over the $2M mark now. There were 8 sales that exceeded two million dollars, and one at a record price of $3,300,000 that was actually sold with a loan (NOT A CASH DEAL) and did in fact appraise for that much money. The sale at 1817 Hummingbird Drive was also a bit of a game changer for the Upper Birds neighborhood as that mid-million mark had not been hit with a home of less than 3,000 square feet.

Refer back to our January post of predictions, everything seems to be coming true. Investors continue to purchase in the Mesa Verde neighborhood as well, as 8 of the 30 sales, or 26% were sales to/by investors.