Market Update for Newport Beach Residential Income Properties

Active
Volume: 22 (+29%)
Low: $1,488,000 (-2.4%)
High: $12,500,000 (0)
Average: $3,036,363.63 (-7.3%)
Median: $2,445,000 (+2.1%)

Under Contract
Volume: 3 (+50%)
Low: $1,779,000 (0)
High: $4,235,000 (0)
Average: $2,754,666.67 (-8.4%)
Median: $2,250,000 (-25%)

Pending
Volume: 2 (0)
Low: $1,595,000 (0)
High: $1,750,000 (0)
Average: $1,672,500 (0)
Median: $1,672,500 (0)

Sold (last 30 days)
Volume: 2 (-33%)
Low: $1,300,000 (0)
High: $2,811,600 (0)
Average: $2,055,800 (+4.8%)
Median: $2,055,800 (+16%)

Average % Difference between List Price and Purchase Price: -10%

I'm most concerned about the income property market. I think things got a little slow and that the inventory dropped and sellers became eager to get a significant price for their properties. Yes the rental market is spectacular right now, but it doesn't mean that it will justify all of these numbers. Some of these numbers will require second home buyers. However, without these properties being in prime locations and significantly upgraded, I think these properties will sit and will continue to sit on the market for some time.