Market Update for Newport Beach Oceanfronts

Active
Volume: 12 (0)
Low: $3,200,000 (0)
High: $14,995,000 (0)
Average: $6,536,582.42 (0)
Median: $6,095,000

Under Contract
Volume: 1 (-50%)
Low: $4,235,000 (0)
High: $4,235,000 (-29%)
Average: $4,235,000 (-17%)
Median: $4,235,000 (-17%)

Pending
Volume: 1 (0)
Low: $1,050,000 (0)
High: $1,050,000 (0)
Average: $1,050,000 (0)
Median: $1,050,000 (0)

Sold (last 30 days)
Volume: 1 (0)
Low: $3,150,000 (0)
High: $3,150,000 (0)
Average: $3,150,000 (0)
Median: $3,150,000 (0)

Average % Difference between List Price and Purchase Price: -9.74%

Pretty quiet on the oceanfront numbers. No new inventory and not much moving. There was one property that appeared to disappear somewhat, but not a lot of activity. I think we're seeing a gap and buyers are pushing back. Inventory doesn't appear to be matching with either what buyers want or with appropriate price points. Even if it weren't what buyers wanted exactly, I think we would still see some activity because it would be just too good a deal to pass up. I also don't think we will get to a point where one goes and we end up with a  trickle down effect. There just appears to be a massive mismatch. I expect this inventory to sit for awhile and that prices won't change dramatically.