Explore the latest insights from Costa Mesa's dynamic real estate market and see what it means for you as a buyer or seller:
* 📈 **Median Sale Price**: Reached $1,535,000, a 7.7% increase MoM and 2.3% YoY. This upward trend signals a robust market, offering sellers an excellent opportunity to capitalize on their investments.
* 🏠 **Homes Sold**: 45 homes sold, marking an 18.4% increase MoM and 9.8% YoY. This surge indicates strong buyer interest, making it a competitive landscape for potential buyers.
* 📊 **Pending Sales**: With 59 pending sales, up 25.5% MoM and 28.3% YoY, the market is bustling with activity, suggesting a promising future for sellers.
* 📉 **Inventory & Supply**: Inventory has decreased by 31% MoM, with only 1.3 months of supply, down 80% YoY. This low supply level creates a seller's market, where demand outpaces availability, potentially driving prices higher.
* ⏳ **Median Days on Market**: Homes are selling faster, with a median of 32 days, down 9 days MoM. Sellers can expect quicker transactions, while buyers need to act swiftly to secure their desired properties.
* 🔍 **Price Adjustments**: 28.3% of homes experienced price drops, a significant increase of 21.4% MoM. This could present opportunities for buyers to negotiate better deals.
Whether you're buying or selling, Costa Mesa's real estate market offers exciting opportunities. Stay informed and make strategic decisions to achieve your real estate goals.
Larry, Laurie & Garrett Weichman
714.241.4532
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[Data Source: Redfin]
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