Costa Mesa real estate had very low inventory in the residential market in February 2019. Over all, the Costa Mesa real estate market had 0.34 months of inventory, which means if no new real estate hit the market then all existing inventory would be sold in under two weeks!
This extremely tight inventory is reflective of the sharp drop in homes actively listed in February (21) compared to January (51) which is nearly a 59% decrease in actively listed homes.
Despite the decrease in actively listed homes in February, home sales in February clobbered January by 51%.
In February, there was a total of 59 homes sold in Costa Mesa. The top three price bands in terms of most homes sold in February breaks down as follows:
- $700-$800K: 10 homes sold
- $800-$900K: 11 homes sold
- $1-$1.5MM: 11 homes sold
Looking at January-February 2019 compared to the same period in 2018, Costa Mesa saw a dip in overall home sales by 18% (98 homes sold during this period in 2019, compared with the 120 homes sold in 2018 during this period).
Despite tight real estate inventory, the average and median home prices in Costa Mesa were both lower in February than in January.
In February the average Costa Mesa home price was $859,439 (down 14% from January) and the median price was $799,000 (down 10% from January).
For help making an offer on Costa Mesa real estate, or for questions about the Costa Mesa real estate market, please contact me 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