Costa Mesa Real Estate Sales – September 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 have changed since last month: We have 6 fewer listings than we did in August as compared to a year ago in Costa Mesa real estate, and we are down in nearly every other category as well:

 

Pending sales are down 7% as compared to September 2014.

 

Closed sales in September were up big- 45% increase with 54 closed sales to cap the end of the summer selling season.

 

Days on the market are down 22%, meaning that homes are selling quicker than last year. The average market time to sell a home in Costa Mesa real estate this past September was 48.

 

Here are the astounding numbers: Our median sales price is now $775,000 which is up thirteen 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 again – only 141 units as compared to 162 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. BUT……the inventory is going down again! That will ultimately keep a balance on where prices are trending right now until either there is a significant uptick in inventory, or interest rates change for the worse.
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!

 

copyright costa mesa real estate- Market Report September 2015