In January 2019, Costa Mesa real estate had its lowest number of home sales for the month of January in 5 years (39 homes were sold in Costa Mesa in January 2019), which was a decrease of 40% from home sales in January 2018.
Unfortunately for buyers, despite the decreased number of home sales, inventory still remained tight at 1.1 months of inventory.
With inventory this low, Costa Mesa remains an Extreme Seller’s Market.
It should be noted, however, that January’s inventory is double that of inventory in Costa Mesa in December 2018. If Costa Mesa real estate inventory continues to increase, this may be a ray of hope for buyers.
By price band, Costa Mesa had the greatest amount of inventory in the $900K-$1MM price band – with an inventory of 2.4 months. There were 12 properties actively listed for sale, and only 5 home sales in this price band.
The year is still young and the real estate market is not the most active in the winter months. As the year carries on and real estate activity increases as we near the summer months, there should be more data to make better predictions as to whether Costa Mesa will begin to favor buyers, as has been the national trend.
For questions about the real estate market, or if you are ready to purchase your next home, you can contact me by clicking below.
A second generation real estate broker living in Laguna Beach, CA. Need help with Orange County real estate? Call/ text 949-973-6478. Follow: @diglagunabeach