Mesa Verde | Costa Mesa Real Estate Report – September 2015

The Mesa Verde real estate sales update was just issued for September 2015. The numbers are in! August has proven that the Mesa Verde / Costa Mesa Real Estate Report says that sales remain strong and the 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: Sales are good, but some of the numbers point to a possible pause in the market:

 

Pending sales are down 61% % as compared to September 2014

 

Closed sales in July are down 12% since September 2014, with 7 closed sales for the month.

 

Days on the market are down almost 17%, 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 53, even lower than last month.

 

Here are the astounding numbers: Our median sales price is now $745,000 which is now down from our high this year of $750,000. And homes are selling for approximately 98% of the list price- Certainly still a Seller’s Market!!

 

And inventory is a bit higher – Up to 35 from the previous month of 31 units. Our months of supply are now 3.4 months; in other words, if no other inventory came on the market, it would take 3.4 months to sell all remaining units on the market.

 

What do you think? Can this Mesa Verde 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 Mesa Verde real estate market is now not affordable?

 

 

As I mentioned last month, 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. However, if inventory decreases significantly, we will see a steady as she goes value in the Mesa Verde neighborhood.

 

Local Mesa Verde 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!