This month's Orange County market report, revealed that at the county level, new listings and sales are down, while median sales price was ever so slightly up on detached properties, and a bit down for attached properties. Months supply of inventory is up for both attached and detached properties.
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 $2,090,000, down 7.7% from the same month last year. In comparing April 2019 to April 2018, the market activity has softened, with pending home sales of detached homes down 35.3%, and attached homes down 6.9% from the same month last year.
Month's supply of inventory - a reliable indicator of whether a real estate market is favoring buyers or sellers - is up 16.7% at 7 months for detached homes and up 29.2% for attached homes sitting at 6.2 months. Historically, the real estate industry has considered 6 months of inventory a balanced market, with inventory levels below 6 months indicating a market in favor of sellers, and inventory levels above 6 months being advantageous for buyers.
Not all Newport Beach MLS areas have the same trends, however. Some areas have a higher YTD median sales price, while others are considerably 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: