Get the latest insights on the Costa Mesa real estate market! Here's what you need to know:
* Median Sale Price: The median sale price has risen to $1,520,000, a significant increase of 16.34% MoM and 14.71% YoY. This is great news for sellers who are looking to get a high return on their investment.
* Median List Price: The median list price is at $1,495,000, a slight decrease of 5.07% MoM, but a substantial increase of 27.77% YoY. This suggests that while prices may have dipped slightly this month, the overall trend is upward, indicating a strong market for sellers.
* Median Price Per Square Foot: The median price per square foot is $834.69, up by 4.97% MoM and 24.01% YoY. This shows that the value of homes in Costa Mesa is increasing, which is beneficial for both buyers and sellers.
* Homes Sold: There were 39 homes sold, a decrease of 21.99% MoM and 20.40% YoY. This could mean that buyers are taking their time to find the perfect home, or that there's less inventory available.
* Pending Sales: There were 63 pending sales, an increase of 6.77% MoM and a whopping 31.25% YoY. This indicates that the demand for homes in Costa Mesa is high.
* New Listings: There were 69 new listings, an increase of 9.52% MoM and 35.29% YoY. This suggests that more homeowners are looking to sell, providing more options for buyers.
* Inventory: There were 134 homes in inventory, an increase of 6.34% MoM and 30.09% YoY. This means there are more homes available for buyers to choose from.
* Median Days on Market: Homes were on the market for a median of 32 days, a decrease of 1 day MoM and 4 days YoY. This suggests that homes are selling slightly faster than they were last month and last year.
* Average Sale to List Ratio: The average sale to list ratio was 99.94%, an increase of 1.01% MoM and a slight decrease of 0.06% YoY. This means that homes are selling very close to their list price.
* Percentage of Homes Sold Above List Price: 41.02% of homes sold above list price, an increase of 9.02% MoM and 0.20% YoY. This suggests that there's a good chance sellers will get more than their asking price.
* Price Drops: 22.38% of listings experienced price drops, a decrease of 0.62% MoM and an increase of 3.94% YoY. This could mean that some sellers are adjusting their prices to attract more buyers.
* Percentage of Homes Off Market in Two Weeks: 36.50% of homes went off the market in two weeks, a decrease of 10.94% MoM and an increase of 3.17% YoY. This suggests that homes are selling fairly quickly.
Whether you're a buyer or a seller, these trends provide valuable insights into the Costa Mesa real estate market. Stay tuned for more updates!
[Data Source: Redfin]
Larry & Laurie Weichman
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