Local Market update for August 2013

Posted by David Feldberg on Wednesday, September 25th, 2013 at 11:10am.

REAL ESTATE MARKET DATA FOR AUGUST 2013

The numbers are in for August 2013 I thought I would share them with everyone. I have illustrated the change from July of 2012. Green for an increase and Red for a decrease.

 

Newport Beach Single Family Homes Townhouse or Condo
# of New Listings 74 (25.4%) 43 (59.3%)
# of Pending Sales 54 (-29.9) 19 (-9.5%)
Average Sales Price $1,953,348 (1.2%) $866,673 (12.6%)
# of Homes for Sale 209 (-34.7%) 71 (-27.6%)

 

Costa Mesa Single Family Homes Townhouse or Condo
# of New Listings 86 (79.2%) 32 (39.1%)
# of Pending Sales 60 (71.4%) 34 (100.0%)
Average Sales Price $708,452 (28.5%) $417,708 (20.3%)
# of Homes for Sale 129 (-13.4%) 18 (-64.7%)

 

Corona Del Mar Single Family Homes Townhouse or Condo
# of New Listings 18 (-21.7%) 15 (-6.3%)
# of Pending Sales 20 (0.0%) 9 (50.0%)
Average Sales Price $3,196,333 (26.9%) $1,167,625 (-18.1%)
# of Homes for Sale 53 (-35.4%) 32 (-28.9%)

 

Huntington Beach Single Family Homes Townhouse or Condo
# of New Listings 138 (12.2%) 93 (52.5%)
# of Pending Sales 113 (-5.8%) 62 (19.2%)
Average Sales Price $767,244 (9.5%) $448,421 (17.2%)
# of Homes for Sale 252 (-24.6%) 146 (-14.6%)

As you can see from the data above prices have been on the rise in Orange county for the last year. Over the last couple of months however there has been a marked increase in supply in the market. This is probably due to the increase in mortgage rates and homeowners finally ready to sell. As a result there aren't multiple offers on every property and now deals can be found again! This doesn't mean there wont be any appreciation but the market is now much more neutral from a very seller friendly market. As you can see in homes for sale in Newport Beach and most cities you can expect prices to be on the rise for the foreseeable future. What's the basic rule of economics, low supply equals higher demand? And in this market we have had a slight increase in supply. If you are thinking of buying this might be the lull that you have been waiting for.

If you have any questions about buying a home or selling a home in Newport Beach, Costa Mesa, Corona Del Mar, Huntington Beach, or anywhere in Orange County please contact one of our knowledgeable realtors today!

David Feldberg

Leave a Comment

Format example: you@domain.com
Format example: yourwebsitename.com

site-signup-cta