Sweet Orange

Up today are the Costa Mesa housing numbers. This includes all areas of  Costa Mesa: Eastside, Westside, Central, Southwest, South Coast Metro, Mesa Verde. Unless otherwise noted, the stats are provide by DQNews.

Median Sold Price/SF–Houses

Median Selling Price in Costa Mesa

• October 2010: $495,000 (down 5.58% y-o-y)
• September 2010: $477,500 (down 1.55% y-o-y)
• August 2010: $462,000 (down12.00% y-o-y)
  Redfin’s numbers: $482,000  (up 1.4% y-o-y) or $304/SF (up 4.4% y-o-y)
• July 2010: $505,000 (up 0.3% y-o-y)
  Redfin’s numbers: $485,000  (down 4.9% y-o-y) or $318/SF (up 4.4% y-o-y)

Median Sold Price/SF–Condos

Number of Sales in Costa Mesa

• October 2010: 45
• September 2010: 66
• August 2010: 49
  Redfin’s numbers: houses=41 (down 34.9% y-o-y), condos=29 (up 7.4% y-o-y)
• July 2010: 59
  Redfin’s numbers: houses sold=49, condos sold=26

Graphs Courtesy Redfin

Up today are the Costa Mesa housing numbers. This includes all areas of  Costa Mesa: Eastside, Westside, Central, Southwest, South Coast Metro, Mesa Verde.

Median Sold Price/SF--Houses

Median Selling Price in Costa Mesa

• September 2010: $477,500 (down 1.55% y-o-y)
• August 2010: $462,000 (down12.00% y-o-y)
• July 2010: $505,000 (down 1.94% y-o-y)
  Redfin’s JuLy 2010 numbers: $485,000  (down 4.9% y-o-y) or $318/SF (up 4.4% y-o-y)

Median Sold Price/SF--Condos

Number of Sales in Costa Mesa

• September 2010: 66
• August 2010: 49
• July 2010: 59
  Redfin’s numbers: houses sold=49, condos sold=26

Source unless otherwise noted: DQnews

Graphs Courtesy Redfin

The Performing Arts Center in Costa Mesa's South Coast Metro Area

The median price per square foot of homes in an area is often a better indication of whether housing prices are increasing or decreasing in that area than is the increase or decrease of the overall median price in that area.

With that in mind, here are recent median price per square numbers for Costa Mesa’s 92626. The 92626 ZIP includes South Coast Metro, Mesa Verde, and part of Central Costa Mesa.

House

• February 2010–$309 (up 8.0% from February 2009)
• January 2010–$310 (up 1.6 from January 2009)

Condo

• February 2010–$244 (up 63.4% from February 2009)
• January 2010–$242 (down 4.7%  from January 2009)

Both (House + condo)

• February 2010–$305 (up 12.5% from February 2009)
• January 2010–$275 (down 2.1%  from January 2009)

Up next: Eventually I will get to some numbers for Irvine, but up next are numbers for Costa Mesa’s 92627 ZIP: Eastside, Southwest, and part of Central Costa Mesa.

Source: Redfin

Following are some home for sale in Costa Mesa’s Mesa Verde area. My intention is to follow these homes to see how home values hold up in this area. I will do this in two ways: I will report how the eventual selling price compares to the current list price, and I will report what some of the appraisal sites list as the home value.

1659 New Hampshire Drive, Mesa Verde, Costa Mesa

• What: 1971 single-family home with 3 bedrooms/2 baths
• Size: 1775 SF
• Fees/taxes: No HOA or Mello Roos
• Asking price: $639,000 ($360/SF)
• Listed in September 2009 for: $699,000

Appraisals for1569 New Hampshire Drive: Low/Medium/High

• Zillow: $417,350/$491,000/$520,460
• Eppraisal: $442,018/$520,022/$598,025
• Cyberhomes: $447,460 /$497,178/$571,754

1778 Iowa Street, Mesa Verde, Costa Mesa

• What: 1960 single-family home with 3 bedrooms/2 baths
• Size: 1571 SF
• Fees/taxes: No HOA or Mello Roos
• Asking price: $595,000 ($379/SF)
• Sold in January 2004 for: $550,000.

Appraisals for 1778 Iowa Street: Low/Medium/High

• Zillow: $419,475/$493,500/$537,915
• Eppraisal: $433,401/$509,884/$586,366
• Cyberhomes: $384,870/$427,634/$491,779

Following are some recent housing numbers, including the foreclosure numbers, for Costa Mesa that are broken down by ZIP code. These numbers, provided by Trulia, are for condo and detached homes combined.

Alto Research numbers, which are for detached homes only, currently give Costa Mesa a Market Action Index of 17.70 (30 or below is a buyers’ market). According to Redfin, approximately 70% of the Costa Mesa homes on market are detached.

Also, according to an article by Matt Padilla, the rate of foreclosures fell in both Costa Mesa ZIPs: The 92627 foreclosure rate dropped by 37 percent, and the 92626 rate dropped somewhere between 40% to 59% from the previous year. However, as the numbers below show, although the rate of foreclosures is decreasing in Costa Mesa, the number of foreclosures is still high.

92626 (South Coast Metro, Central, Mesa Verde)

• Average List Price (week ending 8-05-09): $599,086 ($304 per SF)
• Median Selling Price (May-July 2009): $495,000
• % home that are in foreclosure: 52.6%*
  (163 new and resale homes for sale, as well as 181 foreclosures**)

92627 (Eastside, Central, Southwest)

• Average List Price (week ending 8-05-09): $587,880 ($376 per SF)
• Median Selling Price (May-July 2009): $467,500
• % home that are in foreclosure: 50.3%*
  (237 new and resale homes for sale, as well as 240 foreclosures**)

**homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process

COSTA MESA HOME SALES GRAPH COURTESY CITY-DATA.COM

Tomorrow: some Costa Mesa community data numbers

Here is a look at some of the most affordable housing that is currently on the market in Costa Mesa’s Mesa Verde area. To make it easier for you to compare the current sold prices to the current asking prices, I have included the current price per square foot that Costa Mesa detached homes and condos are selling for. (I would like to narrow this information to Mesa Verde instead of all of Costa Mesa, but this information is not readily available. More on that in a later post.)

Currently, the median sold price for detached Costa Mesa homes is $309/SF. The median sold price for Costa Mesa condos is $189/SF. The current median price per square foot for all homes sold in the previous 90 days is $284.

At 1461 Deauville Place is a 1965 detached home with 2 bedrooms and 950 SF. The asking price is $200,000 ($211/SF). Homeowner association fee is $220 per month. Note that this home’s asking price is currently half of what this home sold for in 2005.

At 1646 Iowa Street, Unit D is a 1971 condo with 2 bedrooms and 909 SF. The asking price is $259,000 ($285/SF). Homeowner association fee is $265 per month. Note that this home has been approved for a short sale.

At 1646 Iowa Street, Unit B is a 1971 condo with 2 bedrooms and 890 SF. The asking price is $255,000 ($287/SF). Homeowner association fee is $250 per month. Note that this home sold  for $413,000 in 2007.

Tomorrow: more information on which Costa Mesa homes are the most affordable