Sweet Orange

According to Redfin, the median selling price in December 2009 of all Costa Mesa homes was $467,000 (up 8.6 y-o-y) or $294 per square foot (down 1.8% y-o-y). It is interesting to note that, although the overall price is up, the price per square foot is down from last year.

Here are some other numbers that will enlighten us of what has been happening with the Costa Mesa housing market over the last year or so.

DQNews–median sales price of all Costa Mesa homes
(resold condos, resold detached homes, and new construction homes)

• January 2010: $438,000 (up 2.1% from January 2009)
• January 2009: $426,000 (down 21.11% from January 2008)

Trulia

Average listing price

• week ending March 17, 2010: $569,789 (-0.3% w-o-w)
• week ending May 27, 2009: $587,398 (+12.3% w-o-w)

Median Sold Price

• December 2009 to February 2010: $485,000 (+9.7% y-o-y)
• February 2009 to April 2009: $465,000
• January 2008 to March 2008: $579,000 ($359/SF)

Number of Sales

• December 2009 to February 2010: 181 (-8.6% y-o-y)
• February 2009 to April 2009: 204

% Costa Mesa homes that are in distress*

• week ending March 17, 2010: 41% (358 homes for sale, 251 homes in distress*)
• week ending May 27, 2009: 56% (351 homes  for sale, 438 homes in distress*)

*Distressed homes are defined as those that are in pre-foreclosure, trustee auction or bank-owned stage of the foreclosure process.

Altos Research Market Action Index (single-family homes only)

• March 21, 2010: 20.74
  (Altos Research also shows that the current median list price for single-family homes in Costa Mesa is $573,346 or $331/SF, and the average DOM as 191.)
• March 20, 2009: 15.04

Note: The Altos Market Action Index shows the balance between potential buyers and sellers, in other words, the balance between supply and demand. Above 30 is a sellers’ market; below 30 is a buyers’ market.

Also, note that the Altos numbers are for detached homes only (condos are not included) and that the Altos median sales price and median price per square foot are for the list price, not the sold price.

Note: The Altos Market Action Index shows the balance between potential buyers and sellers, in other words, the balance between supply and demand.  Above 30 is a sellers’ market; below 30 is a buyers’ market. Also, these Altos Research numbers are for detached homes only (condos are not included). For this reason, I have included numbers that show the percentage of home on the market in each city that are detached.

To see which homes are currently on the market as well as which homes have sold recently, click on the city name. To see additional Altos Research numbers for each city (listing price, price per square foot, etc.), click on the index number for each city.

Aliso Viejo: approximate % homes on market that are detached–26%

• September 20, 2009: 20.37
• July 19, 2009:  18.09

Coto De Caza: approximate % homes on market that are detached–87%

n/a

Dana Point: approximate % homes on market that are detached–69%

• September 20, 2009: 14.32
  
• July 19, 2009: 15.68

Ladera Ranch: approximate % homes on market that are detached–69%

• September 20, 2009: 17.38
  
• July 19, 2009: 6.20

Laguna Beach: approximate % homes on market that are detached–82%

• September 20, 2009: 13.69
  
• July 19, 2009: 11.84

Laguna Hills: approximate % homes on market that are detached–48%

• September 20, 2009: 16.27
  
• July 19, 2009: 13.26

Laguna Niguel: approximate % homes on market that are detached–62%

• September 20, 2009: 16.69
  
• July 19, 2009: 15.23

Laguna Woods: approximate % homes on market that are detached–5%

• September 20, 2009: 3.04
  
• July 19, 2009: 6.07

Lake Forest: approximate % homes on market that are detached–61%

• September 20, 2009: 16.95
  
• July 19, 2009: 17.37

Mission Viejo: approximate % homes on market that are detached–68%

• September 20, 2009: 18.69
  
• July 19, 2009: 16.23

Rancho Santa Margarita: approximate % homes on market that are detached–55%

• September 20, 2009: 16.45
  
• July 19, 2009: 16.64

San Clemente: approximate % homes on market that are detached–76%

• September 20, 2009: 14.95
  
• July 19, 2009: 12.67

San Juan Capistrano: approximate % homes on market that are detached–68%

• September 20, 2009: 13.24
  
• July 19, 2009: 10.86

Summary: According to the index numbers, all South Orange County markets for detached houses are buyers’ markets. In general, the health of the Central Orange County housing market has increased since July 19th; however, the index number still show South Orange County housing is in a weaker position than the North or Central areas.

The hard-hit area of Ladera Ranch saw the biggest improvement. The detached houses in the  55+ community of Laguna Woods is the weakest housing market in South Orange County. But only about 5% of these homes are detached, so this number is not that telling.