Hotter housing: Costa Mesa or Fountain Valley?

Every two weeks, Steve Thomas of ReportsOnHousing.com publishes a study of the supply of local homes for sale. Here’s what the latest report — as of March 1 — details about these two nearby cities:

Costa Mesa …

• 150 residences listed in brokers’ MLS system with 102 new deals opening in the past 30 days.
• By Thomas’s math, this community has a “market time” (months in would take to sell all inventory at current pace of new escrows) of 1.47 months vs. 1.74 months found two weeks earlier vs. 4.49 months seen a year earlier. Countywide, latest market time was 2.02 months vs. 3.90 months a year ago.
• So, homes in this community sell — in theory — in 27% less time than the countywide pace.
• Of the homes listed for sale in this community, 49 were either foreclosures being resold or short sales, where sellers owe more than the home’s value. So distressed properties were 32.7% of supply of homes for sale vs. 30.4% countywide.
• Homes for sale in Costa Mesa represent 2.1% of Orange County inventory — and 2.2% of all the distressed homes listed for sale in Orange County. New escrows here are 2.9% of all Orange County’s new pending sales.

Fountain Valley …

• 86 residences listed in brokers’ MLS system with 47 new deals opening in the past 30 days.
• By Thomas’s math, this community has a “market time” (months in would take to sell all inventory at current pace of new escrows) of 1.83 months vs. 1.34 months found two weeks earlier vs. 4.20 months seen a year earlier. Countywide, latest market time was 2.02 months vs. 3.90 months a year ago.
• So, homes in this community sell — in theory — in 10% less time than the countywide pace.
• Of the homes listed for sale in this community, 26 were either foreclosures being resold or short sales, where sellers owe more than the home’s value. So distressed properties were 30.2% of supply of homes for sale vs. 30.4% countywide.
• Homes for sale in Fountain Valley represent 1.2% of Orange County inventory — and 1.2% of all the distressed homes listed for sale in Orange County. New escrows here are 1.3% of all Orange County’s new pending sales.

Compare these trends to countywide patterns:

• Cities with highest level of distressed properties among their listings? Portola Hills was tops — 100.0% — followed by Stanton at 63.6% of listings and Rancho Santa Marg. at 58.3% of listings.
• Fewest? Corona Del Mar was tops — 2.7% — followed by Seal Beach at 3.1% of listings and Laguna Beach at 7.0% of listings.

Did you miss:

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•  Rent hikes follow economic recovery
• See the best building designs from O.C.
• Check out housing foibles of Real Housewives of Orange County!

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