Market Update for Newport Beach Ocean Fronts

Active
Volume: 14 (0)
Low: $3,200,000 (+12%)
High: $14,995,000 (0)
Average: $6,733,214.29 (+1%)
Median: $5,247,000 (0)

Under Contract
Volume: 2 (+100%)
Low: $2,850,000 (-52%)
High: $5,995,000 (0)
Average: $4,422,500 (-26%)
Median: $4,422,500 (-26%)

Pending
Volume: 1 (0)
Low: $6,995,000 (0)
High: $6,995,000 (0)
Average: $6,995,000 (0)
Median: $6,995,000 (0)

Sold (last 30 days)
Volume:1 (-50%)
Low: $3,250,000 (0)
High: $3,250,000 (-42%)
Average: $3,250,000 (-27%)
Median: $3,250,000 (-27%)
Average % Difference between List Price and Purchase Price: -13% (-44%)


Of the active data, it appears that we are more or less replacing the inventory that has left if we are seeing a slightly higher average, but the same median. I still think that based on the property that is currently pending, it is clear to see that people are waiting for "smoking deals". It's also clear based on the gap between the list price and purchase price. However, I don't know that I expect to see the same aggressive gap between list price and purchase price on the property that is currently in pending. Time will tell.