For the week ending on 11/22/15 here is a brief overview of what happened in the Newport Beach housing market.
To start with 14 new homes for sale were listed in Newport Beach last week. The average listing price was $1,803,636 and was a 4 bedroom 3 bath with 2600 square feet. Of those 2 have already accepted offers but both of those were under $800K. Most of the new listings last week were either in Harbor View, West Newport or Santa Ana Heights areas.
There was really only one price reduction last week and that was for 20231 Bayview Ave and it was from a price of $1,526,000 to $1,426,000.
11 homes accepted offers last week. The notable areas were Dover Shores, Peninsula Point and Eastbluff with multiple offers accepted.
The most interesting data of the week is there were 13 homes that closed escrow. Ranging in price from $630,000 for a 2 bedroom townhouse with 1200 square feet to $3,240,000 for a 4 bedroom 5 bath 4200 square foot home in the Castaways.
All in all the Newport Beach real estate market is still doing fine but the marketing time (or days on market) seems to be increasing for the listings priced over $1,500,000. If you are thinking of selling your Newport Beach home it all comes down to marketing and price.
Contact David Feldberg if you have any questions about buying or selling a home today!