Market Update for Newport Beach Single Families

Active
Volume: 202 (+1%)
Low: $775,000 (0)
High: $29,995,000 (0)
Average: $3,695,230.07 (+1%)
Median: $2,975,000 (0)

Under Contract
Volume: 27 (-13%)
Low: $1,098,000 (+11%)
High: $7,595,000 (0)
Average: $2,655,666.67 (-2.8%)
Median: $2,295,000 (-8%)

Pending
Volume: 25 (+14%)
Low: $829,500 (0)
High: $10,900,000 (0)
Average: $2,807,340 (-2%)
Median: $2,500,000 (-2%)

Sold
Volume: 27 (-21%)
Low: $925,000 (0)
High: $5,525,000 (-11%)
Average: $2,510,133.33 (+6.6%)
Median: $2,150,000 (+10%)

Average % Difference between List Price and Purchase Price: -3.35%

It appears that the sold volume reflects the large gap between the average sold price versus average list price. A -32% gap is quite a jump to overcome. Of course there are several properties that will have an impact on this gap such as large bay fronts and oceanfronts. Nonetheless, I think the data demonstrates the significance of pricing. 

This is further confirmed by the gap in list price versus purchase price. Since I've been tracking this data in September, we have seen the lowest gap over the past 3 weeks. I think it also behooves buyers to take a look at a particular property and take into account the days on market. More often than not, properties get over looked if they've been on the market for too long. I would encourage buyers to always look a little above their price point to potentially take advantage of an opportunity when a seller has been on the market just a bit too long.