Active
Volume: 282 (+.7%)
Low: $699,900 (0)
High: $24,000,000 (0)
Average: $3,551,373,63 (-.8%)
Median: $2,880,000 (-.2%)
Under Contract
Volume: 45 (-6.3%)
Low: $835,000 (0)
High: $9,750,000 (0)
Average: $2,548,575.56 (+5%)
Median: $2,249,000 (+2.5%)
Pending
Volume: 39 (+5.4%)
Low: $729,000 (0)
High: $6,995,000 (0)
Average: $2,181,487.31 (-29%)
Median: $1,988,000 (0)
Sold (last 30 days)
Volume: 44 (-6.4%)
Low: $855,000 (+19%)
High: $20,000,000 (+254%)
Average: $2,868,923.23 (+16%)
Median: $1,936,000 (-.9%)
Average % Difference between List Price and Purchase Price: -8.3% (-41%)
It's official!! Ladies and gentlemen, we have a new high sale for the year in Newport Beach. Despite the nearly 20% discount that the buyers got off the listing price, the sale has still resulted in a more than 250% increase to the high over the last 30 days. It's evident that it strongly impacts the averages. The pending average dropped by nearly a million dollars and the sold increased by nearly $500,000. It also caused the gap between list price and purchase price to take a major hit as a result of the 20% discount.
Since I started keeping track of this data 6 weeks ago, we are at our lowest number of sales over a 30 day moving average. We can see how it is impacting our currently active listings through a slight increase in inventory and either stagnant or slightly decreasing prices. The final cog in the system of this slow down is the decreasing number of properties moving into the under contract position. This indicates that fewer people are making sufficient offers that sellers are accepting or fewer deals are being made.
It will be interesting to see what happens next week when the 20 million dollar sale isn't skewing the numbers dramatically by resulting in some drastic changes. Stay tuned!!!
Volume: 282 (+.7%)
Low: $699,900 (0)
High: $24,000,000 (0)
Average: $3,551,373,63 (-.8%)
Median: $2,880,000 (-.2%)
Under Contract
Volume: 45 (-6.3%)
Low: $835,000 (0)
High: $9,750,000 (0)
Average: $2,548,575.56 (+5%)
Median: $2,249,000 (+2.5%)
Pending
Volume: 39 (+5.4%)
Low: $729,000 (0)
High: $6,995,000 (0)
Average: $2,181,487.31 (-29%)
Median: $1,988,000 (0)
Sold (last 30 days)
Volume: 44 (-6.4%)
Low: $855,000 (+19%)
High: $20,000,000 (+254%)
Average: $2,868,923.23 (+16%)
Median: $1,936,000 (-.9%)
Average % Difference between List Price and Purchase Price: -8.3% (-41%)
It's official!! Ladies and gentlemen, we have a new high sale for the year in Newport Beach. Despite the nearly 20% discount that the buyers got off the listing price, the sale has still resulted in a more than 250% increase to the high over the last 30 days. It's evident that it strongly impacts the averages. The pending average dropped by nearly a million dollars and the sold increased by nearly $500,000. It also caused the gap between list price and purchase price to take a major hit as a result of the 20% discount.
Since I started keeping track of this data 6 weeks ago, we are at our lowest number of sales over a 30 day moving average. We can see how it is impacting our currently active listings through a slight increase in inventory and either stagnant or slightly decreasing prices. The final cog in the system of this slow down is the decreasing number of properties moving into the under contract position. This indicates that fewer people are making sufficient offers that sellers are accepting or fewer deals are being made.
It will be interesting to see what happens next week when the 20 million dollar sale isn't skewing the numbers dramatically by resulting in some drastic changes. Stay tuned!!!
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