Active
Volume: 82 (-14%)
Low: $325,000 (0)
High: $3,995,000 (0)
Average: $1,281,153.98 (+3.3%)
Median: $993,500 (+3%)
Under Contract
Volume: 24 (-4%)
Low: $375,000 (0)
High: $2,850,000 (-32%)
Average: $1,134,549.58 (-7%)
Median: $944,000 (+4.9%)
Pending
Volume: 23 (+28%)
Low: $450,000 (0)
High: $4,195,000 (+53%)
Average: $1,140,345.87 (-3.9%)
Median: $899,900 (+.8%)
Sold (last 30 days)
Volume: 16 (+14%)
Low: $320,000 (0)
High: $2,550,000 (+65%)
Average: $879,593.75 (+4.2%)
Median: $760,500 (-2.9%)
Average % Difference between List Price and Purchase Price: -3.8% (-19%)
This data is quite peculiar that it indicates both an increase in the number of sales, but also an increasing gap between the list price and sales price. However, I suspect that this might change given the dramatic drop in available inventory. The other option is that the inventory just increases in days on market as buyers wait for a product that they really want. I also check in with overall inventory between Newport Beach, Costa Mesa, Corona del Mar and Laguna Beach. The inventory across all four has dropped to below 850 properties. This is nearly a 20% drop in overall inventory between the four cities in less than 3 months. A decrease in inventory like this ought to suggest a growth in sales prices: simple supply and demand. The still low interest rates also indicate that prices should be going up. However, we're seeing the exact opposite. The thought is that buyers are becoming more selective. Even so, it has many of us agents befuddled when we can clearly see opportunity. We understand that not every product available now is great, but we can see that there is opportunity to be had.
Volume: 82 (-14%)
Low: $325,000 (0)
High: $3,995,000 (0)
Average: $1,281,153.98 (+3.3%)
Median: $993,500 (+3%)
Under Contract
Volume: 24 (-4%)
Low: $375,000 (0)
High: $2,850,000 (-32%)
Average: $1,134,549.58 (-7%)
Median: $944,000 (+4.9%)
Pending
Volume: 23 (+28%)
Low: $450,000 (0)
High: $4,195,000 (+53%)
Average: $1,140,345.87 (-3.9%)
Median: $899,900 (+.8%)
Sold (last 30 days)
Volume: 16 (+14%)
Low: $320,000 (0)
High: $2,550,000 (+65%)
Average: $879,593.75 (+4.2%)
Median: $760,500 (-2.9%)
Average % Difference between List Price and Purchase Price: -3.8% (-19%)
This data is quite peculiar that it indicates both an increase in the number of sales, but also an increasing gap between the list price and sales price. However, I suspect that this might change given the dramatic drop in available inventory. The other option is that the inventory just increases in days on market as buyers wait for a product that they really want. I also check in with overall inventory between Newport Beach, Costa Mesa, Corona del Mar and Laguna Beach. The inventory across all four has dropped to below 850 properties. This is nearly a 20% drop in overall inventory between the four cities in less than 3 months. A decrease in inventory like this ought to suggest a growth in sales prices: simple supply and demand. The still low interest rates also indicate that prices should be going up. However, we're seeing the exact opposite. The thought is that buyers are becoming more selective. Even so, it has many of us agents befuddled when we can clearly see opportunity. We understand that not every product available now is great, but we can see that there is opportunity to be had.
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