Real Estate Market Update for January 2014

Posted by David Feldberg on Friday, February 7th, 2014 at 9:58am.

REAL ESTATE MARKET DATA FOR JANUARY 2014

The numbers are in for the real estate market for January 2014. I have illustrated the change from January of 2013. Green for an increase and Red for a decrease.

Newport Beach Single Family Homes Townhouse or Condo
# of New Listings 64 (-13.5%) 32 (-3.0 %)
# of Pending Sales 46 (2.2%) 19 (-24.0%)
Average Sales Price $2,056,592 (18.9%) $860,400 (1.2%)
# of Homes for Sale 186 (-17.7%) 62 (-1.6%)

 

Costa Mesa Single Family Homes Townhouse or Condo
# of New Listings 65 (20.4%) 28 (115.4%)
# of Pending Sales 47 (-24.2%) 20 (150.0%)
Average Sales Price $714,656 (20.1%) $422,250 (33.8%)
# of Homes for Sale 82 (9.3%) 37 (68.2%)

 

Corona Del Mar Single Family Homes Townhouse or Condo
# of New Listings 16 (-33.3%) 8 (-60.0%)
# of Pending Sales 12 (9.1%) 7 (-46.2%)
Average Sales Price $2,546,917 (22.2%) $1,300,000 (-10.7%)
# of Homes for Sale 41 (-37.9%) 28 (3.7%)

 

Huntington Beach Single Family Homes Townhouse or Condo
# of New Listings 116 (7.4%) 74 (8.8%)
# of Pending Sales 84 (-13.4%) 56 (21.7%)
Average Sales Price $852,534 (24.3%) $468,676 (15.7%)
# of Homes for Sale 203 (-2.4%) 125 (8.7%)

 

As you can see from the data above, real estate prices have been on the rise in Orange county for the last year. There are however many signs that this housing market has moved from a sellers market to a much more balanced market for buyers and sellers. The pandemonium is gone, however we are still seeing good numbers combined with low interest rates. As you can see with real estate in Newport Beach and most cities you can expect home 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 real estate market we have had a slight increase in supply. If you are thinking of buying a home, 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!

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