Weak Inventory in Early 2016 for Costa Mesa Homes

Colin Delaney January 11, 2016

2016 is off to a quick start, and we already have weak inventory in early 2016 for Costa Mesa homes.

As I predicted in my year-end analysis as well as my 2016 predictions for the year, we are starting the year on the wrong foot. Inventory in local Costa Mesa areas is under normal levels. Consider the Mesa Verde area, which as of this writing on January 11th, there are only 15 homes or condos available for sale (see list below). The South Coast Metro Area seems to also have a lack of inventory – only 5 condos for sale, and only 15 homes actively for sale. This area seems to be the greatest value play right now – the condo at Wingate Bay is listed for $340,000, and two homes in Mesa North President Streets are slightly over $600,000.

Empty inventory in the early spring can lead to higher prices.

Eastside Costa Mesa would normally have significantly more inventory, but it currently sits as only 28 condos and homes that are actively for sale and not under contract. The Central Costa Mesa area is no different, with only 3 homes actively for sale!! And that area has only 6 condos for sale currently too. The Westside isn’t quite as bad with inventory issues – 31 homes and condos are actively for sale and not under contract. That number is a bit higher because there are multiple units in some of the westside’s new builder developments available in the Brickyard West tracks as well as the Superior Pointe, SeaHouse, and Level One communities.

In my humble opinion, prices have gotten up there pretty quickly. Too quickly? Perhaps. Owners are quite content to have so much equity in their homes, but it is making it tough for first-time buyers and transferees to be able to afford this market in Costa Mesa.

This is why it would help if we had more affordable first-time buyer homes and condos in Costa Mesa. Anything in the $400,000 – $600,000 price range would help a lot.

Colin Delaney is the author of this blog and is a Costa Mesa real estate expert. He loves helping families find the perfect home, or sell at the perfect price. Connect with him by phone/text at (714) 743-9882 or email.