Newport Beach Housing Report
The market has started to pick up a little bit in Newport with 35 new listings coming on the market. This is an increase from the week prior in which only 20 homes were listed for sale. 15 homes went into escrow and are currently only accepting back up offers, this number is also higher then the week prior (14). The average price of a Newport Beach home listed for sale last week was $1,909,542.85 with an average of 2524 square feet. There were a couple of neighborhoods that had a number of homes listed last week. For example in the Harbor View area in "The Port Streets" 5 homes were listed for sale. This is a very popular community due to its proximity to Fashion Island, Corona Del Mar and of course the sweeping views. There were also two homes listed for sale on Balboa Island and two homes listed in One Ford Road. As for closed sales last week there were 9 homes that closed escrow last week. Of those 8 had significantly dropped their price prior to going into escrow.
Overall we are expecting the market activity to increase going forward. Mortgage rates are at the lowest levels we have seen in the last 12 months and sellers are receiving about 96.1% of there actually list price. For buyers this is a GREAT time as there isn't a ton of competition and many people still aren't in home buying mode. For sellers if you are thinking of selling your home we are advising our clients to hold off until at least mid February ideally March 1 to capitalize on seasonal market activity. In 2014 the number of listings in Newport increased each month until July when they peak and then fall until then.
For more information on the market in your neighborhood contact us today.