As mentioned in this month's Orange County market report, some economists are pointing to a softening real estate market. But as the saying goes, real estate markets are local, and we are seeing that truism play out among Newport Beach areas and neighborhoods.
To get a good sense of where the market is at, it's helpful to compare two key metrics: the same month in the previous year for an apples-to-apples look at the same seasonal variation, as well as year-to-date numbers between this year and last year for a more normalized, high level trend.
Here are the most recent residential real estate market update reports for Newport Beach and each of the Multiple Listing Service (MLS) defined sub areas of the city. You can view the full reports at the links at the bottom of the post.
For all of Newport Beach, the median sales price of detached homes year-to-date was $2,400,000, up 4.3% from the same month last year. In comparing September 2018 to September 2017, there are signs of a softer, less active market, with pending home sales of detached homes down 39.6%, and attached homes down 64.3% from the same month last year. That is a significant drop.
Month's supply of inventory - a reliable indicator of whether a real estate market is favoring buyers or sellers - is up 18% (5.9 months) for detached homes and 17% for attached homes (5.5 months).
Not all Newport Beach MLS areas have the same trends, however. Some areas have an appreciably higher YTD median sales price, while others are down. There are also variations for many of the key indicators, such as percent of original list price received, days on market until sale, months supply of inventory, and total closed sales.
View each Newport Beach area report at the links below: