As we bid farewell to 2023, it's crucial for Orange County residents to stay informed about the local real estate landscape, particularly in sought-after areas like Costa Mesa. In Winter 2023, the Costa Mesa housing market witnessed remarkable growth, with home prices experiencing a substantial 30.4% increase compared to the previous year. This surge in prices has positioned the median home value at an impressive $1.4 million, making Costa Mesa an enticing market.
Quick Sales: One of the most notable trends is the decreased time properties spend on the market. Homes in Costa Mesa are now selling, on average, after just 25 days, a major contrast to the 66 days recorded in the same period last year. This accelerated pace suggests a heightened demand for housing in the area and still a lack of inventory.
Market Activity: While the number of homes sold in November 2023 decreased slightly, with 36 homes changing hands, compared to 45 in the previous year, the demand remains. This dip in sales could be attributed to various factors, such as inventory fluctuations or seasonal patterns. Regardless, the market's resilience and the sustained high median price indicate a healthy real estate environment in Costa Mesa.
Implications for Buyers and Sellers: For potential buyers, the current market conditions in Costa Mesa underscore the importance of acting promptly. The reduced time on market suggests a competitive landscape where desirable properties may be snatched up swiftly. Being well-prepared and having a clear understanding of your preferences can be instrumental in securing the home of your dreams.
With talks of a mortgage rate drop in 2024 now would be a great time to lock something in before prices sky rocket.
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