This in-depth exploration of the Costa Mesa housing market reveals critical elements that define its current landscape within Orange County’s real estate realm. Analyzing factors such as median home prices, the ratio of supply to demand, and essential economic indicators provides clarity on how Costa Mesa stands within the region’s complex property market. This article aims to unravel the market’s intricacies, offering vital information to potential buyers and investors navigating Costa Mesa’s diverse housing opportunities.
Table of Contents
Costa Mesa Housing Market Data
1. Median Home Price
This section analyzes Costa Mesa, California’s housing market by detailing current home prices and breaking them down by property type. It outlines the general trend of higher pricing for single-family homes compared to townhouses and condos. Additionally, it includes a comparison of Costa Mesa’s home prices with those in other Orange County cities, allowing for a broader understanding of its market position. The data will equip prospective buyers with valuable insights for making informed purchasing decisions in Costa Mesa.
- Current Sales Prices of Costa Mesa Homes
The table below presents the median sales prices for homes in Costa Mesa, with an overall median price of $1,250,000. Single-family homes lead in value, showing a median cost of $1,370,000. Meanwhile, townhouses and condominiums present more accessible pricing, with median prices of $839,500 and $799,500 respectively. This range of prices reflects a diversity of options that cater to different budgets within the Costa Mesa real estate market.
| Property Type | Costa Mesa Median Home Sales Price |
| All Properties | $1,250,000 |
| – Single-Family Home | $1,370,000 |
| – Townhouse | $839,500 |
| – Condominium | $799,500 |
All data is from the California Regional Multiple Listing Service, INC. InfoSparks © 2024 ShowingTime.
- Costa Mesa Home Sales Prices Over Time
The charts below illustrate the upward trajectory of Costa Mesa’s median home sales prices over time, with the local market experiencing a consistent climb that mirrors but outpaces the broader Orange County area trends. The breakdown by property type reveals different patterns: single-family homes have shown noticeable growth, whereas condominiums and townhouses demonstrate more stability. This suggests a sustained interest in detached homes within the Costa Mesa market.
- Current Home Sales Prices – Costa Mesa vs. Other Orange County Cities
Costa Mesa features prominently with competitive median home sales prices within Orange County, reflecting its appeal in the region’s real estate market. While not at the top of the price scale as seen among Newport Beach and Laguna Beach properties, it still holds a significant position, outpacing several other cities and indicating a strong market presence.
2. Supply and Demand – Costa Mesa Housing Market
This section comprehensively examines the supply and demand dynamics within Costa Mesa’s housing market. It outlines the total housing stock, active listings, recent sales, current inventory level, and how quickly homes are selling. A snapshot of these indicators helps illustrate the market’s fluidity and efficiency, providing prospective buyers with a clearer understanding of the pace and health of Costa Mesa’s real estate activities.
- Key Housing Market Indicators – Costa Mesa
Costa Mesa’s real estate market showcases approximately 84 homes listed for sale and an average of 45 homes sold each month. The current data indicates a lean 1.8-month supply of inventory, suggesting a seller’s market. Homes in Costa Mesa are also selling quickly, averaging just 11 days on the market before an offer is accepted.
| Total Homes in Costa Mesa | ~44,000 |
| Active Home Listings | 84 |
| Homes Sold | 45 |
| Inventory – Months Supply | 1.8 |
| Days on Market | 11 |
Total Homes in Costa Mesa: This refers to the approximate number of residential properties within the city.
Active Home Listings: The number of homes currently listed for sale in Costa Mesa.
Homes Sold: A count of the actual sales that have closed in a given month. Calculations are based on sold data.
Inventory—Months Supply: The inventory of homes for sale at the end of a given month, divided by the average monthly Pending Sales from the last 12 months. This is also known as the absorption rate.
Days on Market: The average number of days between listing a home in Costa Mesa and accepting an offer in a given month.
- Costa Mesa Active Listings vs. Homes Sold Over Time
The chart illustrates that there has been a convergence of active home listings and homes sold over time in Costa Mesa, with both metrics trending downwards since early 2021. This convergence suggests a more balanced market dynamic, with supply and demand reaching a closer equilibrium in recent months.
- Current Days on Market – Costa Mesa vs. Other Orange County Cities
Homes in Costa Mesa are selling fairly quickly, with the median number of days on the market being notably less than about half of other cities in Orange County. This sales pace underscores the strong demand for real estate in Costa Mesa within a dynamic local market.
3. Property Taxes
Property taxes in California are determined by a combination of state law and county-specific regulations. Under Proposition 13, enacted in 1978, the base tax rate for properties is fixed at 1% of the assessed value. This assessed value is initially pegged to the purchase price and can only increase by a maximum of 2% annually, safeguarding homeowners from steep tax hikes when property values escalate quickly.
Orange County follows this state framework but also applies additional levies that can vary significantly between locations within the county. These can include voter-approved debt rates for city and district improvements, and direct assessments for community services like flood control and street lighting. Also, properties in areas with Mello-Roos districts may incur additional taxes for community facilities.
To aid in understanding, consider the example of a property tax bill below. It breaks down the individual components that constitute the total tax obligation. Notably, while the General Tax Levy remains constant at 1%, the aggregate of additional charges, such as special district assessments, significantly affects the overall tax bill. These variations emphasize the importance of due diligence in comprehending the full scope of property taxes when assessing the cost of homeownership in different parts of Orange County.
4. Median Home Size
This section examines the median home size and price per square foot in Costa Mesa, essential indicators for assessing property value and space. These metrics aid prospective buyers in comparing market value and understanding what their budget can secure in terms of home size, especially in relation to other areas in Orange County.
- Costa Mesa Home Size and Value
In Costa Mesa, the median size of homes sold is approximately 1,790 square feet, positioned towards the middle range in comparison to other cities in Orange County. The price per square foot in Costa Mesa stands at $700, reflecting a competitive value within the market, with property space priced attractively in relation to its Orange County neighbors.
| Median Home Size | ~1,790 ft2 |
| Price per Square Foot | $700 |
All data is from the California Regional Multiple Listing Service, INC. InfoSparks © 2024 ShowingTime.
Costa Mesa Residents Data
1. Population
Exploring the dynamics of Costa Mesa’s population and its density offers a glimpse into the city’s living conditions and community structure. Population density, which measures the number of residents per square mile, sheds light on how closely people live together and can indicate the balance between urban development and available living space. Understanding this helps explain how population concentration impacts the social fabric, infrastructure, and lifestyle of residents in Costa Mesa in relation to other parts of Orange County.
- Costa Mesa Population Statistics
Costa Mesa has a population of approximately 107,245 and a population density of 6,790 residents per square mile. This suggests a denser and more bustling community compared to many other coastal areas, reflecting its urbanized character within Orange County.
| Population | 107,245 |
| Population Density (Residents per square mile) | 6,790 |
- Population Density – Costa Mesa vs. Other Orange County Cities
Costa Mesa, as indicated by the darker shade on the map, has a higher population density of 6,790 residents per square mile compared to many other areas of Orange County. This places it among the more densely populated cities in the region, suggesting a vibrant and active community, potentially with less personal space per resident than found in cities with lighter shades on the map.
2. Employment Industries and Median Income
Exploring Costa Mesa’s economic landscape reveals the key employment sectors underpinning the local job market and the median household income, which reflect the community’s overall financial health. A deeper understanding of these factors helps frame Costa Mesa’s economic position within the wider context of Orange County.
- Costa Mesa Industries and Employment Breakdown
The treemap showcases the distribution of employment by sector for the area, with Professional, Scientific, & Technical Services, Health Care & Social Assistance, and Retail Trade being the largest employers. This indicates a diverse workforce with significant segments engaged in specialized professional roles, healthcare and social services, and the retail sector, reflecting a balanced and dynamic local economy.
- Costa Mesa Median Household Income and Employment Rate
Costa Mesa’s median household income is on the mid to lower end within Orange County, at around $103,891. Nonetheless, the city boasts a robust employment rate of 70.7%, positioning it favorably in terms of job availability compared to many other cities in the county. This high employment rate contrasts with the income level, suggesting a dynamic labor market that includes various job types across different income levels.
| Median Household Income | $103,891 |
| Employment Rate | 70.70% |
(ages 16 and over) that is employed, excluding those not seeking employment, such as retirees and students.
Source: US Census Bureau
3. Costa Mesa City Attractions
Costa Mesa, California, is a vibrant city known for its cultural richness, shopping destinations, and recreational facilities. Here are some of the main attractions:
- South Coast Plaza: A premier shopping center featuring a wide array of high-end retailers, boutiques, and dining options, attracting visitors from all over.
- Segerstrom Center for the Arts: A cultural hub offering a variety of performances, including Broadway shows, concerts, and dance performances.
- The LAB Anti-Mall & The CAMP: Two adjacent shopping and dining complexes known for their unique, eco-friendly approach and support of local artisans and entrepreneurs.
- Fairview Park: A vast natural park offering hiking and biking trails, model glider flying, and access to the Santa Ana River trail, ideal for outdoor enthusiasts.
- Tewinkle Park: Known for its beautiful pond, waterfalls, and picnic areas, making it a perfect spot for family outings and relaxation.
- Orange County Fairgrounds: Host of the annual Orange County Fair, offering a wide range of events, from concerts to exhibitions, year-round.
- Costa Mesa Historical Society: Preserves the city’s history through exhibits and archives, offering insights into Costa Mesa’s development and heritage.
- Pacific Amphitheatre: An outdoor venue located at the OC Fairgrounds, presenting a variety of live concerts and events.
- Costa Mesa Golf Course: Features two challenging 18-hole golf courses, a driving range, and putting greens, catering to golfers of all skill levels.
- SOCO and The OC Mix: A dynamic gathering spot for gourmet food, home design, and boutique shopping, reflecting Costa Mesa’s trendy and artistic side.
Costa Mesa seamlessly blends an urban atmosphere with a strong sense of community and cultural depth, making it a standout destination in Orange County.
Conclusion
Costa Mesa’s housing market is marked by a competitive pricing landscape, with properties moving quickly and a relatively low supply, suggesting a persistent seller’s market. Despite a median income that doesn’t top the county, a high employment rate supports the city’s economic foundation. The high population density contributes to its vibrant demand. In short, Costa Mesa offers a robust and attractive housing market for a diverse range of homebuyers in Orange County.
Reach out if you have any questions or need assistance on your home-buying journey
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