Derry's Condo Headshot

Derry's Condo Headshot

Wednesday, March 1, 2017

Market Update for Newport Beach Single Families

Volume: 212 (+5%)
Low: $649,995 (-16%)
High: $29,995,000 (0)
Average: $3,707,196.54 (0)
Median: $2,962,500 (0)

Under Contract
Volume: 34 (+26%)
Low: $829,000 (-24%)
High: $7,295,000 (-3.9%)
Average: $2,570,197.06 (-3.2%)
Median: $2,395,000 (+4.4%)

Volume: 25 (0)
Low: $840,000 (+1.3%)
High: $10,900,000 (0)
Average: $2,903,680 (+3.4%)
Median: $2,600,000 (+4%)

Sold (last 30 days)
Volume: 34 (+26%)
Low: $795,000 (-14%)
High: $7,248,000 (+31%)
Average: $2,590,120.59 (+3.2%)
Median: $2,145,000 (0)
Average % Difference between List Price and Purchase Price: -3.19%

I would be concerned about the increasing volume of new listings if the volume of solds didn't have such a drastic jump. Also noteworthy is that although the volume of sold properties increased dramatically, the average sales price did not change significantly. Even the gap between list price and purchase price appears to be maintaining a small difference. 

To me, this demonstrates a healthy market: 1) new inventory, 2) more sales, 3) good pricing as demonstrated by the insignificant changes in averages and gaps between list and purchase prices. The market appears to be stable, reasonable and predictable. I would imagine that moving forward that it ought to make realtors jobs simpler because the data is clear. With clear information, it ought to be easier to communicate to both buyers and sellers clear expectations. Predictability is a powerful mentality. Lucky us. 

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