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Costa Mesa Home Sales More than Double Over Last December - Median Home Price Down $100,000

By Christine Donovan

Real Estate Agent with Donovan Blatt Realty 01267479

January 13, 2009 05:49 PM

Home sales more than doubled in December 2008 when compared to December 2007.

What is even more interesting is looking at the statistics that make up these numbers. In December 2007, only 31 homes sold compared to 77 in December 2008. This is obviously a huge increase. But, during that same time, median home prices are down $100,000, and the number of bank owned homes that sold in December 2008 is 41 versus only 4 in December 2007.

Bank owned homes accounted for over half of the sales in December 2008 as compared to less than 15% in December 2007.

It is likely that the decrease in median price is driven, at least in part, by the number of bank owned homes that make up such a huge percentage of the number of homes sold.

As pent up buyer demand meets up with lower prices and lower interest rates, it appears that we will continue to see more sales.

If you would like to take advantage of the current low prices and low interest rates, please contact me at 714-319-9751.

More Costa Mesa market reports:

Costa Mesa Real Estate Report

Central Costa Mesa Real Estate Report

South Coast Metro Real Estate Report

Mesa Verde Real Estate Report

Westside Costa Mesa Real Estate Report

Eastside Costa Mesa Real Estate Report

Click for a free list of Orange County foreclosures or a free list of Orange County short sales or e-mail Me!

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About the author: Christine Donovan is a California Residential Real Estate Broker with experience in assisting clients buy and sell residential real estate.

Are you upside down in your home? Is it worth less than you owe? Are you concerned about making your mortgage payment? Contact me at christine@donovanblatt.com or 714-319-9751 to discuss your options.

Want to buy a home or to list your property for sale in Newport Beach, Costa Mesa, Huntington Beach or Orange County? Contact christine@donovanblatt.com or 714-319-9751 to learn about my system which will make your buying and selling experience easier.

Click Orange County homes for sale to view all OC homes for sale.

Disclaimer: All information in this blog is deemed reliable but is subject to change at any time and is not guaranteed to be accurate nor are there any warantees either express or implied.

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Anonymous

FreedomCM

Nice analysis!

One thing that I'm noting is that the sales of SFRs are shifting from the higher price locales (east side, mesa verde) to the lower (west side, mesa north). Not much is moving on the east side despite huge inventory. And the things that are moving are doing so at early 2004 prices for the prime areas, early 2003 prices for the less-prime (by Case-Shiller same-sale analysis).

One curious thing is how fast the listings that are appropriately priced are moving, especially in college park!

I hope that as the prices come more in line with incomes, sales increase and people settle in to a nice, permanent home (rather than speculating), but fear that the market will become more stagnant as the job situation worsens, and the people who have saved up down payments are depeleted from the buyer pool.

Keep up the good work Christine!

Jan 15, 2009 09:26 AM

Christine Donovan

Donovan Blatt Realty - Costa Mesa, CA

Broker/Attorney 714-319-9751 DRE01267479 - Costa M

FreedomCM - Thank you.

You're right. The homes that are really moving are those in the lower priced areas. If you look at my most recent market analysis for Eastside, you'll see that there's almost six months worth of supply at the current pace of sales, while for Westside, there's only a 3 month supply.

And, I'm seeing homes that are appropriately priced flying off the market, often in a mutliple bidding situation, an oddity when most people will tell you this is a buyers' market.

It's hard to say what's going to happen. I see a pent up demand for now, but I also see concern abotu where the economy's heading. That said, if the deal is good enough, buyers are often going for it.

Jan 15, 2009 03:35 PM

Costa Mesa Home Sales More than Double Over Last December - Median Home Price Down $100,000

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