The Costa Mesa real estate market has been cooling off, despite it being the peak of the spring season when home sales are typically at their highest. While it's not a crash, the pace of sales is slower. There are now more homes for sale in Costa Mesa, with inventory increasing by about 31% compared to last year, and fewer buyers are making offers. High mortgage rates, combined with growing consumer uncertainty, are making it tougher for many buyers to commit. Sellers in Costa Mesa need to be strategic about pricing their homes to avoid extended time on the market.
The Expected Market Time for Costa Mesa homes has also increased, now sitting at 81 days compared to 62 days just a few weeks ago. This shows a slowing market where homes are staying available for longer periods. Buyers in Costa Mesa may find that they have more options to choose from, without the intense competition that has been common in previous years. If you’re a buyer looking for Costa Mesa homes for sale, this could be a good opportunity to explore listings without feeling rushed.
However, despite the market slowdown, there are still opportunities for both buyers and sellers in Costa Mesa. More homes are available now, so buyers have greater variety. Buyers who are financially prepared and patient can benefit from a less competitive environment, especially in the luxury real estate market. For those searching for luxury homes in Costa Mesa, the market has slowed, with homes priced above $2.5 million seeing longer sell times, allowing for better negotiation opportunities. Sellers also have some unique opportunities. If they are seeking a home to purchase, pricing their home well now can help them stand out against the competition and put them in a stronger position to buy a home since there is less buyer competition. Also, if you wish to sell your home with a home sale contingency, more sellers are receptive to that due to the current market conditions.
As a top realtor in Costa Mesa and homeowner, I can help you navigate this evolving market, whether you're buying or selling. With more homes available and a slower pace, now is a great time to explore Costa Mesa real estate opportunities and make a move with the expert guidance of a trusted local professional.
