Costa Mesa And Orange County Market Update

By Kurt Real Estate Nov 23, 2019

Homebuying in Costa Mesa, Newport Beach, Laguna Beach, and Corona del Mar fell 6% this Spring versus one year ago. Core Logic found the below 15 trends in 9 zip codes covered by the Northern Edition of the Orange County Register’s; The Current Weekly. This would indicate we are in transition from a seller’s market to a more dependable normalized market.
1. Purchases: Home sales in this period totaled 802 versus 856 one year ago, a 6.3% decline.

2. Who’s up: Prices increased in 6 of the 9 zip codes and sales rose in only 4 zip codes.

3. Countywide: the $730,000 median selling price was up 6.0%. Orange County sales totaled 10,256 residences, existing and new, versus 10,767 one year ago, a decline of 4.7%. Prices rose in 65 out of 83 Orange County zip codes and sales were up in 28 out of 83 zip codes.

4. Laguna Beach 92651: The median home sales price of $1,725,000 was flat versus last year. Sales price ranked #5 out of 83 zip codes in Orange County. Sales of 122 versus 120 one year ago show a gain of 1.7%.

5. Costa Mesa 92626: The median home sales price of $799,000 was up 6.4% versus last year. Price rank? Number 29 out of 83 zip codes in Orange County. Sales of 112 versus 134 one year ago show a decline of 16.4%.

6. Costa Mesa 92627: The median home sales price of $875,000 was flat versus last year. Price rank? Number 22 out of 83 zip codes in Orange County. Sales of 153 versus 143 one year ago show an increase of 7.0%.

7. Corona del Mar: The median home sales price of $2,575,000 was up 17.0% versus last year. Price rank? Number 4 out of 83 zip codes in Orange County. Sales of 84 versus 86 one year ago show a decrease of 2.3%.

8. Newport Beach 92660: The median home sales price of $1,700,000 was up 4.3% versus last year. Price rank? Number 7 out of 83 zip codes in Orange County. Sales of 129 versus 151 one year ago show a decrease of 14.6%.

9. Newport Beach 92661: The median home sales price of $3,275,000 was up 17.0% versus last year. Price rank? Number 1 out of 83 zip codes in Orange County. Sales of 22 versus 36 one year ago show a decrease of 38.9%. (ouch)

10. Newport Beach 92662: The median home sales price of $2,787,500 was up 1.0% versus last year. Price rank? Number 2 out of 83 zip codes in Orange County. Sales of 14 versus 9 one year ago show a gain of 55.6%.

11. Newport Beach 92663: The median home sales price of $1,714,500 was up 13.5% versus last year. Price rank? Number 6 out of 83 zip codes in Orange County. Sales of 108 versus 102 one year ago show an increase of 5.9%.

12. Newport Coast 92657: The median home sales price of $2,774,000 was down 6.0% versus last year. Price rank? Number 3 out of 83 zip codes in Orange County. Sales of 58 versus 75 one year ago show a decrease of 22.7%.

13. Single Family Home Resales: Orange County sales of 6,349 versus 6,730 one year ago, shows a decline of 5.7%. The Median price of $790,000 shows an increase of 5.3% during that same time period.

14. Condo Resales: Orange County sales of 2,694 versus 2,811 one year ago, show a decline of 4.2%. The Median price of $501,000 shows an increase of 3.3% during that same time period.

15. New Home Sales: Builders sold 1,213 residences versus 1,226 one year ago, show a decline of 1.1%. The Median price of $948,500 shows an increase of 16.2% during that same time period.

At The Kurt Real Estate Group, we offer full-service real estate mastery including Buy, Sell, Property and Asset Management. Call us today for a free consultation and asset evaluation- 877-957-6677