Low Inventory in Costa Mesa Homes February 2016
Colin Delaney February 11, 2016
Colin Delaney February 11, 2016
Low Inventory in Costa Mesa Homes February 2016 – As I mentioned in my 2016 Costa Mesa forecast post earlier this year, we are plagued by low inventory in Costa Mesa homes. That trend has continued now well into mid February. The graph below is a rolling 5 years of our inventory supply. You can see that in Costa Mesa, we even trail the entire MLS by a pretty significant amount, and inventory is low throughout Orange County.
Currently, we only have just below a two month supply. That’s horrible for home shoppers, but a true boon to those who are looking to cash out now and sell their homes.
Looking at the key areas of Costa Mesa, and the inventory looks like this (active status):
That’s a total of 127 homes and condos for this early spring market, which is way lower than it should be for a healthy market. Our market really gets moving right after the Super Bowl, and I would expect a hungry appetite for homes in the next 6-8 weeks.
Sellers are already trying to capitalize on this trend. Early year listings in the Eastside of Costa Mesa are up. The number of million dollar listings in Costa Mesa is way up too. It appears if there are some “let’s just put it out at a high price and see what happens” kind of listings already in Costa Mesa. Especially eastside.
The striking part of this inventory is that a good number of these listings are builder and new built listings. There are 25 listings in that list of 127, or approximately 20%, that are newly built. That’s a shocking number. Without those builders we would be trailing around 100 listings, which is not enough for a healthy market.
Interest rates are still great, so I would expect we will see lots of multiple offer situations over the next 6-8 weeks.
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