As mentioned in this month's Orange County market report, some economists are pointing to a softening real estate market. But as the saying goes, real estate markets are local, and we are seeing that truism play out in Costa Mesa neighborhoods.
To get a good sense of where the market is at, it's helpful to compare two key metrics: the same month in the previous year for an apples-to-apples look at the same seasonal variation, as well as year-to-date numbers between this year and last year for a more normalized, high level trend.
Here are the most recent residential real estate market update reports for Costa Mesa and each of the Multiple Listing Service (MLS) defined sub areas of the city (a collection of neighborhoods). You can view the full reports at the links at the bottom of the post.
For all of Costa Mesa, the median sales price of detached homes year-to-date was $892,000, up 8.1% from last year. In comparing September 2018 to September 2017, pending home sales of detached homes down 22%, and attached homes are down 52.4% from the same month last year. That is a significant drop. That said, closed sales for detached homes are up 20.8%, while attached homes are down 10.3%.
Month’s supply of inventory – a reliable indicator of whether a real estate market is favoring buyers or sellers – is slightly up over 2017, but remains favoring sellers at 3.3 months supply for detached homes and 3.6 months for attached.
Not all Costa Mesa MLS areas have the same trends, however. Some areas have a higher YTD median sales price, while others are less dramatic. There are also variations for many of the key indicators, such as percent of original list price received, days on market until sale, months supply of inventory, and total closed sales.
View each Costa Mesa area report at the links below: