Given the Newport Beach area, including Corona del Mar and Newport Coast in Orange County, CA tend to cost over $1 Million, my initial thought based on what I’ve seen in other communities is that this community probably is not seeing that much of an uptick yet. Upon further study of the MLS I found the following:
Realtors report lots of lookers at open houses and lots of transactions did stem from those buyers. Brokers are saying days on market are down and inventory is down lending toward multiple offers on homes like in most areas of Orange County, CA. I was particularly struck by homes between $2-3 Million. There are only 102 currently Active homes. Of those 35 have reduced their price, only 4 have raised them. The good news is 43 homes are at their originally listed price. Of the four homes that have raised their price, 3 are in Newport Coast and only 1 is a short-sale.
The largest amount of inventory in the Newport Beach, CA area is priced between $1 – 2 Million. There are 166 available ‘Active’ homes. So far, 62 of those have reduced their price, 7 have raised their price and 97 homes are holding steady at their listed price.
The lowest price point in Newport Beach, Corona del Mar and Newport Coast, California in Orange County, CA has only 104 available ‘Active’ properties. In this price point, the area around the Bluff’s is the best performer. At this price point, Corona del Mar has had 5 of 9 listings reduced, but in the higher price point, Corona del Mar performs well.
For homes exceeding $3 Million in Newport Beach, Corona del Mar and Newport Coast in Orange County, CA, there are 154 available ‘Active’ properties. Surprisingly, I found of those 3 had raised their price and only 48 had lowered their price during the listing so far. Also, there are only 3 distressed sales at this price point! Not just that, but the days on market average only 159 days! There are only a handful of homes that are kicking this number up significantly. Without those, the number would be far less.
I have two observations that way in my decision as to whether the pricing is really going up in this area. One, I typically look at the number of price increases while listed and I’m seeing very few of these at all price points and in almost all areas. Two, I look for the number of those in ‘Back Up’ or ‘Pending’ to have fewer homes with reduced prices, and I’m not seeing that over the last 90 day period. I typically look heavily at the past 30 days. Since the last 30 days were mostly during August/September, I would expect not to see much difference because those months are typically the slowest months of the year due to kids going back to school and the end of summer vacations.
I have many more numbers to substantiate what I’ve reported here, so if you would like to discuss further, do not hesitate to contact me through this site, or my website by clicking here.
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