Costa Mesa Real Estate Update: Why This Fall Market Feels Different
The Orange County housing market is taking an interesting turn this fall, and Costa Mesa is right in the middle of it. Mortgage rates, which started the year above 7%, have dropped to around 6.25% — the lowest level of the year. That may not sound like a big deal, but for anyone looking to buy a home, lower rates mean lower monthly payments and better affordability. This drop in rates is bringing more buyers back into the market just as the number of homes for sale is starting to decline.
In Costa Mesa and throughout Orange County, fall usually means things slow down a bit — fewer homes come up for sale and fewer buyers are out shopping. But this year is different. Inventory (the number of homes for sale) is slipping, while demand (buyers making offers) is actually rising. Right now, there are about 4,758 homes for sale in Orange County, which is more than last year but less than what we typically see before the pandemic. Demand has climbed to 1,591 pending sales, which is 13% higher than last year.
What does that mean for Costa Mesa homeowners and buyers? Simply put, the market is heating up. With fewer homes available and more buyers jumping back in, houses are likely to sell faster. The Expected Market Time — how long it would take to sell all the homes if no new ones came on the market — has dropped to 90 days, the lowest since June. While that’s still slower than a couple of years ago, it shows the market is shifting in favor of sellers.
If you’re a homeowner in Costa Mesa thinking about selling, this fall could be a great time to list before the holiday season slowdown. And if you’re a buyer, lower rates give you a chance to lock in a home at a more affordable monthly payment than just a year ago. Whether you’re upsizing, downsizing, or buying your very first home, the Costa Mesa housing market is full of opportunity right now.
