The Luxury Real Estate Market in Costa Mesa, CA: A 90-Day Review
Costa Mesa, CA, is known for its cool community, coastal proximity, and luxurious dwellings. Over the last 90 days, the high-end real estate market in Costa Mesa has been particularly active, with 14 homes selling for $2,000,000 or more. Let's take a closer look at this upscale market segment and explore the trends that have emerged.
Key Neighborhoods in Focus
The luxury market in Costa Mesa is primarily concentrated in two neighborhoods: Eastside Costa Mesa and Mesa Verde. Here's a breakdown of the sales:
-Eastside Costa Mesa: This sought-after neighborhood saw the highest activity, with 8 homes sold. Known for its tree-lined streets and proximity to Newport Beach, Eastside Costa Mesa remains a favorite among luxury buyers.
-Mesa Verde: With 5 homes sold, Mesa Verde showcases its appeal with its golf course views and family-friendly environment. The neighborhood continues to attract buyers seeking a blend of serenity and convenience.
-Freedom Homes Tract: A single home sale in this area highlights its unique charm and proves that this neighborhood is a hidden gem. Freedom Homes offers a distinct lifestyle that appeals to buyers who appreciate the beach lifestyle and sprawling lots.
Market Trends and Insights
The last 90 days have revealed several trends in Costa Mesa's high-end real estate market:
-Sales Below Asking Price: The majority of homes in this price range sold for below the asking price, indicating a competitive market where buyers are negotiating effectively.
-Homes Selling Above Asking Price: Despite the trend of below-asking sales, 3 homes did sell for more than the asking price. These sales reflect the desirability of certain properties and the willingness of buyers to pay a premium for exceptional homes.
-Average Days on Market: On average, luxury homes in Costa Mesa sold in 23 days. This quick turnaround time emphasizes the strong demand in the area and the efficiency of the market in closing deals.
-Sale-to-List Price Ratio: Homes sold for an average of 97.6% of the asking price, reinforcing the notion that while buyers are negotiating, sellers are still achieving near their desired prices.
Conclusion
Costa Mesa's luxury real estate market is growing in strength and popularity, with distinct neighborhoods like Eastside Costa Mesa and Mesa Verde leading the way. The trends observed over the past 90 days highlight both opportunities and challenges for buyers and sellers in this upscale segment. As the market evolves, staying informed and adaptable will be key for those navigating Costa Mesa's high-end real estate landscape.
Whether you're looking to buy or sell in Costa Mesa, understanding these market dynamics can help you make informed decisions and achieve your real estate goals. If you have any questions or need assistance, let's connect. Email me, text me or set up a 30-minute meeting on my calendar.
