We analyze several housing market indicators in order to present an in-depth breakdown of Newport Beach Real Estate Market comparing February 2009 to February 2010.
Summary of Key Points
Newport Beach Real Estate has started showing signs of improvement with median sales price climbing up. Sellers received less than asking price. However last year sellers received 71% of list price and this year they received 76% of list price.
Key Statistics, Newport Beach, CA: Median Sales Price (23.39%), Median Days on Market (57.76%), and Number of Units Sold (29.41%), Sales Price to List Price Ratio (Feb 09 71% – Feb 10 76%)
Newport Beach Real Estate
The city experienced a 23.39% increase in median sales price from last year going up from $872,991 (Feb. 09) to $1,077,206 (Feb. 2010). Median days on market data for Newport Beach show that houses are selling slower than Feb 09. It took 100 days in Feb 09 for a house to sell and for Feb 10 that number has gone up to 158 days (a 57.76% deterioration). Another important factor to consider is total number of units sold. In the month of Feb 09, 17 units were sold compared to 22 for Feb 10 (29.41% change). Lastly we are going to take a look at the Sales Price to List Price Ratio for Newport Beach. SP/LP ratio for Feb 09 was 71% compared to 76% for Feb 10.
Let’s take a brief look at neighbors Costa Mesa and Laguna Beach. Costa Mesa Real Estate featured a 1.12% increase in median sales price ($527,016 Feb 09 – $532,895 Feb 10) and Laguna Beach Real Estate saw a 180.64% increase ($936,858 Feb 09 – $2,629,235 Feb 10). Are houses in Costa Mesa and Laguna Beach selling faster or slower this year? Well, Costa Mesa experienced a 24.04% increase (55 to 68 days) in median days on market and Laguna Beach saw a 60.10% increase (99 to 159 days). In the units sold category, Costa Mesa sold 2 units more (6.45%) in Feb 2010 than 09 and Laguna Beach sold 11 units more (183.33%) in Feb 2010 than Feb 09.
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