There was not a significant change in the Newport Beach real estate market from December 2018 to January 2019.
Newport Beach numbers for January 2019 reflect the Newport real estate market is still an Extreme Seller’s Market, with a very low inventory of 1.05 months.
“1.05 months of inventory” means it would take just over one month to sell all existing properties on the Newport Beach real estate market – if no new properties were placed on the market.
Low inventory generally means real estate prices are high, as opposed to a flat market or a Buyer’s Market when real estate prices tend to fall due to an increased supply of homes on the market.
Although the Newport Beach market currently favors sellers, there have been slight changes that may signal hope for buyers, such as a drop in the median sales price from December to January of about 7%, as well as a 10% increase of average days on market.
A lower median sales price and an increase of average days on market reflect the national trend of a slowing real estate market, which hopefully means good news for home buyers looking to purchase in summer 2019.
In January 2019, Newport Beach had a total of 43 home sales. Of these home sales, most of them were sold in the $1 – $1.5MM price range (representing 23% of all homes sold in Newport Beach in January).
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A second generation real estate broker living in Laguna Beach, CA. Need help with Orange County real estate? Call/ text 949-973-6478. Follow: @diglagunabeach