Derry's Condo Headshot

Derry's Condo Headshot

Friday, November 11, 2016

Market Update for Newport Beach Ocean fronts

Volume: 15 (+7.1%)
Low: $3,200,000 (0)
High: $14,995,000 (0)
Average: $6,712,666.67 (-2.3%)
Median: $5,199,000 (-12%)

Under Contract
Volume: 2 (0)
Low: $2,895,000 (0)
High: $5,995,000 (0)
Average: $4,422,500 (0)
Median: $4,422,500 (0)

Volume: 2 (0)
Low: $895,000 (0)
High: $5,995,000 (-14%)
Average: $3,427,000 (-13%)
Median: $3,427,000 (-13%)

Sold (last 30 days)
Volume: 1
Low: $6,895,000
High: $6,895,000
Average: $6,895,000
Median: $6,895,000
Average % Difference between List Price and Purchase Price: -1.4%

First, I'd like to say sorry for not posting yesterday. Alzheimer's disease is a strange thing to watch. If anyone has any questions, please do not hesitate to ask me anything related to it. I'll answer based on my personal experience as best as I can.

Second, we have a closed ocean front sale!!! I'm not surprised that it closed somewhat quickly as it was very aggressively priced. The fact that it sold for only 100k below list price is a perfect demonstration of that. It's also a great example of buyers waiting for sellers to be at low or aggressive prices before making an offer. It seems to be "buyer burn". They're trying to be conservative even if it's on an ocean front property.

Third, we had a surprise addition to the data this week. There had been an ocean front for sale some time ago, but it had been pulled from the marketplace. However, when I looked this morning, it popped up in the pending data. I think that particular property is a great example of some of the off market trading as well that has been happening as of late.

I suspect that we will see a little more trading as Trump rolls out more of his financial policy for the same reason that markets ticked up: people don't like unpredictability. However, I don't think we will see this until closer to April as that would be the first 100 days of Trump's presidency.

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