Despite the recent spike of interest rates, Costa Mesa and Orange County are still considered a sellers market.
The Costa Mesa real estate market is currently favoring sellers. This means homes are selling quickly, and prices are on the higher side. In September 2023, the median home price was $1,200,000, reflecting a 0.5% increase from the previous year. The cost per square foot averaged $679. Bedroom-wise Breakdown:
1 Bedroom homes saw a significant surge, with prices jumping by 69.3% since September 2022.
2 Bedroom homes experienced a slight dip of 2.5%.
3 and 4 Bedroom homes saw a marginal decrease of 0.9%.
Larger homes (5+ Bedrooms) faced a 2.8% drop in prices.
Supply and Demand Dynamics: The number of homes available for sale in September 2023 decreased by 5.9% compared to August, totaling 144. The inventory of 1 Bedroom and 5+ Bedroom homes notably decreased by 33.3%, while 3 Bedroom homes saw an uptick of 9.8%. Despite a slight dip in the number of homes sold (8.3% decrease) from August to September 2023, the market remains vibrant and competitive.
Comparison with Nearby Cities: Costa Mesa's real estate market showed stability with a 0.5% increase in median sold prices. In contrast, Santa Ana and Irvine experienced more significant increases of 5.4% and 4.7%, respectively. Newport Beach maintained its prices, while Central Coast saw a 2.7% decrease.
If you are looking to buy or sell in Orange County give us a call at Torelli Realty for a Costa Mesa Real Estate Analysis.
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