Market Update for Newport Beach Condos/Townhouses

Active
Volume: 77 (+5.5%)
Low: $375,000 (-1.3%)
High: $4,390,000 (0)
Average: $1,465,024.04 (-1.3%)
Median: $1,199,900 (0)

Under Contract
Volume: 21 (+40%)
Low: $445,00 (+6%)
High: $3,199,000 (0)
Average: $1,022,086.90 (+3.4%)
Median: $789,800 (+1.3%)

Pending
Volume: 9 (-25%)
Low: $450,000 (+5.9%)
High: $1,750,000 (-7.7%)
Average: $899,383.33 (-3.5%)
Median: $775,000 (+1%)

Sold (last 30 days)
Volume: 22 (+4.8%)
Low: $300,000 (0)
High: $4,500,000 (0)
Average: $1,103,772.73 (-9.6%)
Median: $752,500 (-1%)

Average % Difference between List Price and Purchase Price: -3.50%

I would echo what I said yesterday in regards to the gap between the purchased average versus the listed average as a result of a 25% gap. However, I won't take that stance today because this is the widest gap in closed prices since I've started tracking this data. I also think that as a result of the low gap between list price and purchase price, the combination of these two measures demonstrate the hesitation on the buyers' end. This data appears to demonstrate a lack of urgency on buyers' parts. 

The last rate hike occurred in December and seemed to spike a lot of transactions potentially in fear of another prompt hike. The surge seems to have subsided. Nonetheless, I'm comforted by the fact that the gap between purchase price and list price is low as well as the wide range from the highest sold condo to the lowest. I think as inventory continues to be low, buyers will need to accept what is available to them and take the plunge if that is the plan. I would also think that prices will increase, but maybe at a slower pace than before.