Costa Mesa Real Estate Market Report March 2016

The numbers are in for the Costa Mesa real estate market report in March 2016, and all signs are continuing to be positive for the local Costa Mesa real estate market.

Our median sales price is up over 4%, mostly due to a lack of inventory. Costa Mesa’s Average sale price is up a whopping 7% since the same period last year and is now at $854,188. That is a $22,000 jump from this same report last month.

Takeaways: Costa Mesa Real Estate Market Report February 2016

Inventory remains smaller than normal
The sales market is moving extremely swiftly
Prices are still way up and seem to be climbing
The market feels as if something has to give

Closed sales in March were up a unit compared to last year, and new listings on the market were also up 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 75 days, 3 days less than last month. Currently, the total inventory as of February 2016 is only 123 homes and 40 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.

I do expect by July/August we will see a market slowdown as inventory finally increases, as I predicted in my annual predictions post.

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 97% 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 and selling like hotcakes. 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.