Market Update for Newport Beach Residential Income

Active
Volume: 26 (8.3%)
Low: $1,495,000 (0)
High: $12,500,000 (0)
Average: $3,144,465.50 (-1.1%)
Median: $2,547,495 (1%)

Under Contract
Volume: 2 (0)
Low: $1,699,000 (0)
High: $2,950,000 (0)
Average: $2,324,500 (0)
Median: $2,324,500 (0)

Pending
Volume: 2 (100%)
Low: $1,750,000 (-20%)
High: $2,175,000 (0)
Average: $1,962,500 (-9.8%)
Median: $1,962,500 (-9.8%)

Sold (last 30 days)
Volume: 3 (-40%)
Low: $1,312,000 (0)
High: $2,242,500 (-52%)
Average: $1,668,166.67 (-26%)
Median: $1,450,000 (-12%)
Average % Difference Between List Price and Purchase Price: -7.1%(-92%)

The numbers here vary a lot more as a result of small inventory. It also wouldn't surprise me that there would be more active inventory, with the thought being that we're coming up towards the taxable year and the election might be slightly impacting the way people think. Also, the dramatic change in sold properties is accounting for the fact that the ocean front 9 plex at 17th street. Not only was that one listed at $4,450,000, but it also went at $4,700,000 skewing the data in the context of averages as well as gap between list price and purchase price. Stay tuned for leases tomorrow.