Are Homes Still Selling in Costa Mesa, or Was There Really a Market Slow Down?
According to the National Assocation of Realtors (NAR), existing home sales fell 27% in July, bringing them to the lowest level since 1995.
Does that mean that the floor dropped out of the real estate market in Costa Mesa, or are Costa Mesa Homes still selling? To determine this, I looked at statistics for the end of June and the end of August, after the supposed drop to see if homes are still selling.
What did I find, I found that though there has been a drop in home sales, it wasn't the precipitous drop reported by NAR.
As of 8/29/10, 47 homes had sold in Costa Mesa during the month of August with 241 homes actively for sale.
Compare that to 60 homes sold in the month of June as of 6/26/10 with 215 homes actively for sale.
So, there's definitely a difference, but how big is it really?
If you look at the number of months of inventory (homes on the market) over a 3 month period, you'll see that it's not a huge change. Between June and August, the change in inventory went from 3.27 months to 4.02 months. This means that if no new homes came up for sale, and homes continued to sell at the same pace, then all homes would be sold in 3.27 months in June or 4.02 months in August.
Though it does a show a slow down in sales, it is not a huge number. What does this mean? It means that real estate is local and that it's important to know what's going on in your local market, not just nationally. It also means that Costa Mesa homes are still selling. Based on the numbers, Costa Mesa is still in a seller's market though it is moving closer towards a balanced market (neither buyers' nor sellers' marke)t.
If you're considering buying or selling a home in Costa Mesa, it's important to have someone who understands the local real estate market, so please give me a call at 714-319-9751
To see a snapshot of the market at the end of June and at the end of August, please see below.
Click Costa Mesa homes for sale to view all Costa Mesa homes for sale. Copyright © 2010 by Christine Donovan, All Rights Reserved. Are Homes Still Selling in Costa Mesa, or Was There Really a Market Slow Down?.
For more information about buying and selling Costa Mesa homes, please contact Christine Donovan at 714.319.9751. Christine Donovan Are Homes Still Selling in Costa Mesa, or Was There Really a Market Slow Down?