Market Update for Newport Beach Oceanfronts

Active
Volume: 13 (+18%)
Low: $2,995,000 (-6.4%)
High: $14,995,000 (0)
Average: $6,502,229.85 (-3.9%)
Median: $6,295,000 (0)

Under Contract
Volume: 0
Low: 0
High: 0
Average: 0
Median: 0

Pending
Volume: 2 (+100%)
Low: $1,050,000 (0)
High: $5,995,000 (+471%)
Average: $3,522,500 (+235%)
Median: $3,522,500 (+235%)

Sold (last 30 days)
Volume: 1 (0)
Low: $4,235,000 (+34%)
High: $4,235,000 (+34%)
Average: $4,235,000 (+34%)
Median: $4,235,000 (+34%)
Average % Difference between List Price and Purchase Price: 0

There appears to be a significant gap between what properties are asking versus what actually "moves". I look at a pretty consistent oceanfront average list price of oceanfronts pretty consistently in the 6 million dollar range. Not a major issue until I realize that sold averages have only been in the ball park 7 times out of the last 6 months!!! This means that only 27% of the time, the oceanfront sales average is even a close competition for the list prices. I have no doubt that this number will continue to decrease over the next month without new, desirable, well-priced inventory.