Market Update for Newport Beach Oceanfronts

Active
Volume: 11 (-8.3%)
Low: $3,200,000 (0)
High: $14,995,000 (0)
Average: $6,764,082.42 (+3.5%)
Median: $6,295,000 (+3.3%)

Under Contract
Volume: 2 (+100%)
Low: $3,565,000 (-16%)
High: $4,235,000 (0)
Average: $3,945,500 (-6.8%)
Median: $3,495,500 (-6.8%)

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%

There has been a little shuffling in the oceanfront market, but it's not all of it is showing up in the data because it's been labeled off-market. You could apply the theory that it's because the weather is heating up and people are looking to line up their beach properties this summer, but I'm a little skeptical. 

If you look at what has moved in the last 30 days, it's been a little slow. Without a lot of change in the inventory, someone looking for oceanfront needs to either swallow some pride and accept the numbers or pick a spot and negotiate hard. I think it's also a sign of mismatched product and buyer wants/needs. I suspect that we will have some time with no oceanfront sales for as much as 30 days pending developer opportunities don't become available. Time will tell though.