Costa Mesa Real Estate Orange County Update June 2012

Costa Mesa Continues Hot Trend

The numbers are in for the period through June 2012 for Costa Mesa – the hot trend continues locally, and Orange County is seeing an overall increase in resale activity as well.

Quick Pic

Here’s a snapshot of the Costa Mesa real estate market:

_{Costa Mesa resale homes through June 2012}

As you can see from the boxed number, Costa Mesa had a pretty good June. You can also see that March, April, and May were very good months. It trend that happens locally here in Costa Mesa real estate is that most of the buying activity that occurs during the year is in the spring. July and August will probably map out about the same as the last few years, with sales being in the 60s to high 70s range.

The one trend that continues in Costa Mesa real estate is quick sales. There were a little more than 65 homes that sold in less than 2 weeks of being on the market. That’s fast. Most of those homes fall into one of two categories: Really well done with upgrades or a REALLY low price compared to the market. That trend should continue so long as interest rates stay below the 5% mark, and they should for the balance of the year.

Big Orange – Costa Mesa Real Estate Orange County Update June 2012

_{Orange County Resales through June 2012}

How do the Orange County numbers stack up through June of 2012? Pretty darn good. The numbers in the last two months have outpaced 2006 when there was hyper-inflated activity as a result of lower interest rate/interest only/100% financed loans. It is still a bit off of years 2003, 2004, and 2005 when the market was really ramping up. I don’t see us hitting those numbers in Orange County again any time soon, if ever.

How’s the market overall? As people always ask me – and they are almost afraid to get the answer – I tell them healthy. It’s actually very healthy. The folks buying are coming in with down payments, good credit, and good jobs. What would increase our activity in the Costa Mesa real estate marketplace? More jobs locally. It seems as good as things are right now, more jobs would add a bit more fuel to our fire.

Inventory remains a problem locally in Costa Mesa real estate. I spoke with two sellers yesterday, and both told me they would not sell because they perceive the prices as too low. Guess what? They won’t ramp up to the 2005-2006 levels anytime soon. Appreciate will be a slow, steady road.

Like it should have been. 🙂

Call Colin at (714) 743-9882 to talk about Costa Mesa real estate or E-mail me.