Market Update for Newport Beach Condos and Town Homes

Active
Volume: 92 (-5%)
Low: $325,000 (0)
High: $3,995,000 (-4.8%)
Average: $1,154,899.09 (3%)
Median: $943,500 (5.4%)

Under Contract
Volume: 26 (37%)
Low: $320,000 (0)
High: $4,195,000 (68%)
Average: $1,329,376.92 (21%)
Median: $982,500 (12%)

Pending
Volume: 14 (27%)
Low: $450,000 (0)
High: $2,548,765 (37%)
Average: $963,948.21 (16%)
Median: $683,500 (2.2%)

Sold (last 30 days)
Volume: 13 (-32%)
Low: $415,000 (0)
High: $2,300,000 (0)
Average: $891,923.08 (-1.2%)
Median: $747,000 (-.4%)
Average % Difference Between List Price and Purchase Price: -3.3% (11%)

Holy moly things are moving!!!! Properties haven't closed yet, but to have such extreme increases in volume for properties in escrow is impressive. Even the prices have increased dramatically. Some of is specific to the condo on Santa Barbara, but still. Even the properties that moved into pending have seen a dramatic increase. This seems to indicate that the market is strong. Even the difference between list price and purchase price dropped indicating that buyers are getting closer to paying what sellers are asking. Stay tuned for income property tomorrow.