Costa Mesa Real Estate Sales – July 2015

The Costa Mesa real estate sales update was just issued for July 2015. The numbers are in! July has proven that the Costa Mesa real estate sales market continues to roll along. I always get the “how’s the market?” question when I speak with people. The market is strong, and very healthy at this point. I will highlight the SFRs (Single Family Homes) first:

 

Sales are up: We have 2 more listings than we did in July as compared to a year ago in Costa Mesa real estate, and we are up in nearly every other category as well:

 

Pending sales are up 47% as compared to July 2014

 

Closed sales in July are the same as in 2014, with 52 closed sales.

 

Days on the market are down almost 8%, meaning that homes are selling quicker than last year. The average market time to sell a home in Costa Mesa real estate this past July was 58.

 

Here are the astounding numbers: Our median sales price is now $787,450 which is up four and a half percent since last year. And homes are selling for approximately 98% of the list price- Hello Seller’s Market!!

 

And inventory is a bit lower – only 139 units as compared to 181 from last year. Our months of supply are now 2.8 months; in other words, if no other inventory came on the market, it would take 2.8 months to sell all remaining units on the market.

 

What do you think? Can this Costa Mesa real estate market sustain itself? Does it have another 6 months of price increases or another 12 months of price increases?

 

Can prices continue on this upward trajectory? Or is it that the Costa Mesa real estate market is now not affordable?

 

 

I think the affordability will ultimately catch up with us. It is going to be hard to sustain this upward increase in value over the next 12 months.

 

Local expert Colin Delaney is a local Costa Mesa real estate realtor, who lives and works in Costa Mesa.

 

Connect with Colin @ (714) 743-9882 or via email!