Costa Mesa Real Estate Update: What October’s Home Sales Really Tell Us
As we move deeper into fall here in Costa Mesa, the weather isn’t the only thing changing — the Orange County real estate market is shifting too. October officially marked the end of the Autumn Market, and the numbers from last month give us a clear picture of what’s happening with buyers, sellers, and home prices across our area. Whether you’re watching the market or planning a move soon, these trends are important to understand.
One of the biggest takeaways from October is the rise in cash buyers. Nearly 26% of all homes sold in Orange County last month were purchased with cash, which is a 4% increase from September. That means more buyers are coming in strong and skipping the mortgage altogether. At the same time, most homes—about 61%—did not change their list price before selling, while 37% needed to lower their price to attract a buyer. This shows how important proper pricing is in today’s Costa Mesa housing market.
Another important trend is how homes sold compared to their original asking price. In October, 24% of homes sold above their original list price, while 65% sold below it. Even though that sounds like a lot of homes selling for less, the bright side is that more homes are beginning to sell slightly stronger than in previous months. And with mortgage rates sitting below 6.5% for many days in October, buyers are slowly becoming more active again — a good sign for Costa Mesa real estate.
Finally, a big part of the story is how many homes came off the market without selling. About 938 homes, or 23.2% of listings, were pulled before they found a buyer. This is partly because the Holiday Market is approaching and partly because some homes were simply overpriced or not positioned well. For anyone thinking of selling a home in Costa Mesa, this is a reminder that pricing your home correctly from day one is one of the strongest tools you have for success.
Overall, the October data shows a market that’s steady, adjusting, and slowly gaining momentum. As we head toward the end of the year, staying informed will help you make the smartest move in the Costa Mesa and Orange County real estate market.
