We analyze several housing market indicators in order to present an in-depth breakdown of Costa Mesa Real Estate Market comparing March 2009 to March 2010.
Summary of Key Points
Costa Mesa Real Estate has shown some signs of improvement with median sales price climbing up ,number of units sold increased and sellers receiving 96% of asking price as compared to 93% last year.
Key Statistics, Costa Mesa , CA: Median Sales Price (11.31%), Median Days on Market (18.33%), and Number of Units Sold (8.89%), Sales Price to List Price Ratio (March 09 93% – March 10 96%)
Costa Mesa Real Estate
The city of Costa Mesa experienced a 11.31% increase in median sales price from last year going up from $504,256 (March 09) to $561,308 (March 2010). Median days on market data for Costa Mesa show that houses are selling slower than March 09. It took 59 days in March 09 for a house to sell and for March 10 that number has gone up to 69 days (an 18.33% deterioration). Another important factor to consider is total number of units sold. In the month of March 09, 45 units were sold compared to 49 for March 10 (8.89% change). Lastly we are going to take a look at the Sales Price to List Price Ratio for Costa Mesa. SP/LP ratio for March 09 was 93% compared to 96% for March 10.
Let’s take a brief look at neighbors Newport Beach and Irvine. Newport Beach Real Estate featured a 35.24% increase in median sales price ($1,243,000 March 09 – $1,681,094 March 10) and Irvine Real Estate saw a 13.01% increase ($795,527 March 09 – $899,010 March 10). Are houses in Newport Beach and Irvine selling faster or slower this year? Well, Newport Beach experienced a 15.40% decrease (117 to 99 days) in median days on market and Irvine a 22.66% decrease (66 to 51 days). In the units sold category, Newport Beach sold 26 units more (118.18%) in March 2010 than 09 and Irvine sold 34 units more (53.97%) in March 2010 than March 09.
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