Costa Mesa Real Estate Market Report February 2016

Colin Delaney March 21, 2016

The numbers are in for the Costa Mesa real estate market report in February 2016, and all signs are positive for the local Costa Mesa real estate market.
 
Our median sales price is off 1%, but that is due to a lack of inventory. Costa Mesa’s Average sale price is up nearly 2% since the same period last year and is now at $832,236.
 
Takeaways: Costa Mesa Real Estate Market Report February 2016
 
  • Inventory remains smaller than normal

  • The sales market is moving swiftly

  • Prices are still climbing
Closed sales in February were also down two units compared to last year, and new listings on the market were also down one unit compared to the same period a year ago.
 
One of the most interesting trends is the “Days on Market Until Sale”, which shows the market is moving swiftly: average sale time is currently at 78 days. Currently, the total inventory as of February 2016 is only 112 homes and 43 condos, which is lower than it should be. Consequently, the monthly supply of inventory is currently at 2.3 months, which is exactly where it was last year. A healthier inventory level would be about 200 units total, one that would provide more equilibrium for buyers and sellers in the market.
 
What’s my take? The numbers and feel of the market are incredible. And they are eerily similar to the exact market in early spring of last year. The typical first condo purchases are selling at close to 99% of the original list price, which is amazing. There are multiple offers at this level, and homes under $700,000 in Costa Mesa are almost becoming a thing of the past. We are so similar to last year, with not enough inventory, multiple offers at the entry levels, and the best homes selling fast in Costa Mesa right now.
 
Can a great realtor help you? You bet! Colin Delaney is the local Costa Mesa expert who knows these neighborhoods best. Connect with him by phone/text at (714) 743-9882.

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