Sweet Orange

Following is a history of the median sales price for homes in Costa Mesa by ZIP.  The 92626 ZIP includes South Coast Metro, Mesa Verde, and part of Central Costa Mesa. The 92627 ZIP includes Eastside, Southwest and part of Central Costa Mesa.

92626

• June 2010: $530,750 (up 9.9% from June 2009)
• May 2010: $512,000 (down 1.5% from May 2009)
• April 2010: $512,250 (up 6.4% from April 2009)
  Note: For comparison, Redfin’s overall April 2010 median selling price was $509K or $312/SF.
• March 2010: $515,000 (up 12% from March 2009)

92627

• June 2010: $445,000 (down 2.9% from June 2009)
• May 2010: $425,000 (down 19.0% from May 2009)
• April 2010: $435,000 (down 5.6% from April 2009)
  Note: For comparison, Redfin’s overall April 2010 median selling price was also $435K or $353/SF.
• March 2010: $467,500 (up 24.7% from March 2009)

Photo Collage of Eastside Costa Mesa-Newport Beach Courtesy Costa Mesa’s Neighborhood Blog

Source unless otherwise noted: DataQuick/OC Register

Up next: number of home sales in Costa Mesa by ZIP

This week will be a little then and now for housing prices in Costa Mesa. I will be comparing the market status for Costa Mesa homes that were on the market in November 2009 to the current market status of the same homes.

Up first: 178 Flower Street, 92627: single-family, 5 bed/5.5 baths, Eastside Costa Mesa

Asking price in November 2009: $1,399,000 or $399 per SF

Current status: This home is still on the market. In fact, this home has been on the market for almost a year (currently over 325 days). In spite of this, the asking price remains the same as its November 2009 price, $1,399,000.

HOA and Mellos Roos: none listed

Of note: This Eastside home sold in May 2006 for $1,525,000. In March 2004, this home sold for $684,000. John Burns states in a recent newsletter that a general rule is that housing prices should be at 2003 levels. So is this home overpriced?

The listing information states that this is a custom-built home with many upgrades. This might justify some increase in price over the 2004 sales price, but since this home has been on the market for over 325 day, the market is saying “no” to the current asking price.