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Costa Mesa Real Estate Market 2014 Recap

Sarah Sitar Costa Mesa Real Estate 2014 Report First Team
The 2014 numbers are in for Costa Mesa’s single-family residence home sales, and there seems to be a positive outlook for the 2015-year ahead. The numbers seems to suggest that demand for living in Costa Mesa is on the rise, which is great for real estate companies moving forward. These numbers were gathered by First Team Real Estate.

At the beginning of last year, there was an active inventory of 117 single-family homes for sale on the market with a pending inventory of 48 homes.  Six months, we saw a surge in active inventory as well as the average sale price of homes due to new developments in the Costa Mesa area. In December of 2013, the average sale price was $504,585. In June of 2014, the average sale price skyrocketed to a staggering $690,591 with an active inventory of 177 homes for sale and a pending inventory of 50 homes for sale. These six months between December of 2013 and June of 2014 represent an increase in demand to live in Costa Mesa due to their good schools, safe neighborhoods, beautiful property developments, and exquisite atmosphere.

In September of 2014, we saw a decrease in active inventory to 147 homes for sale and an increase in pending inventory from 50 to 68 homes for sale. The Average sale price also decreased from $690,591 in June of 2014 to $580,374 in September of 2014. Single-families are typically focused on settling in and sending their kids to school, so there is a higher demand at the beginning of summer as it is more convenient for families to move in. Houses were seen to sit on the market for an average of 77 days (the most average days on the market in 2014). Again, this is potentially due to single-families focusing on their children’s first couple of months at school.

In December of 2014, we see a resurgence of average sale price at $683,381 per home and the fewest average days on the market with 59 days. Pending inventory was at its lowest point at 19, and active inventory continued its downtrend since June of 2014 with 138 single-family homes for sale. As we look towards 2015, we can expect the real estate market in Costa Mesa to fluctuate similarly as it did in 2014 with higher average prices due to higher demand and further developments to keep up with the increasing demand to live in Costa Mesa.