Costa Mesa Real Estate Trends May 2014

Costa Mesa Prices Slowing?

Prices

Costa Mesa Real Estate Trends May 2014

Sales Volume

Facts

• Medium Price is $570,000 up from $529,000 a year ago
  
  
• Sales Volume is down to 3,042 versus 3,420 a year ago
  
  
• Inventory is up 6,369 up from 5,852 just one month ago
  
  
• Mortgage Defaults, 422, up 19.5% versus one year ago
  
  
• Foreclosures, 108, down 38.6% versus one year ago
  
  
• Average Days on Market 2.31 months (70 days)

Interest Rates

• 30 year fixed Mortgage rate is currently 4.21% down slightly from last week (Rates)
  
  
• 15 year fixed rate is 3.32% down slightly versus one week ago
  
  
• Average loan costs $188 more a month than one year ago
  
  
• Mortgage lending declined to its lowest level in 14 years (Q1 2014)

Trends

• Million dollar inventory is 28.1% of all OC listings
  
  
• Home ownership at its lowest point in 19 years (64.8%)
  
  
• Highest price increase; Foothill Ranch, 92610, +64.7% VLY
  
  
• 2nd Highest price increase; Dana Point, 92629, +57.9% VLY
  
  
• 3rd Highest price increase; Villa Park, 92861, +49.2% VLY
  
  
• New home pricing and volume are rising
  
  
• NAR (National Association of Realtors) reports the West is down 8.1% in sales due to low inventory
  
  
• NAR reports the Northeast +7.1, Midwest +2% and the South +3.6%
  
  
• Costa Mesa Real Estate Trends May 2014