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How’s the market in Newport Coast and Crystal Cove?

Here is the data from 1/1/2009 – 1/10/2010:

Newport Coast

  • Active Listings: 61
  • Average Days on Market: 162
  • Average Listing Price: $1,019.60 (Sq. ft.)
  • Pending Sales: 11
  • Sold: 112
  • Average Days on Market: 151
  • Average Selling Price: $647.77 (Sq. ft.)
  • Check out homes for sale in Newport Coast

Crystal Cove

  • Active Listings: 37
  • Average Days on Market: 146
  • Average Listing Price: $1,087.85 (Sq. ft.)
  • Pending Sales: 1
  • Sold: 19
  • Average Days on Market: 132
  • Average Selling Price: $865.79 (Sq. ft.)
  • Check out homes for sale in Crystal Cove

There is still a disconnect between what sellers are asking and what buyers are will to pay in Crystal Cove. If we would see some realistic pricing, I’m sure the “Sold” numbers would be higher. Just take a look – 112 homes sold in Newport Coast compared to just 19 in Crystal Cove. Sure, there are more homes in Newport Coast, but a spread of 93 homes is pretty wide.

Check out the charts below…

  • Median Price: for single family homes started the year just under $3.5M, dipped to a low around $3M, bottomed out, and now has risen back to a hair below $3.45M. This is not a huge swing and to me that shows stability.  Overall: Prices Rising
  • Inventory: Started last year at just below 165 units, increasing to a little over 185 and now has dropped to just under 145 single family homes for sale. Overall: Decreasing Inventory
  • Days on Market: A steady increase from 170 to just above 240 days on market. Overall: Increasing Time on Market

My take…

With the Median Price rising and the inventory decreasing you would think, “Great, the market is turning.” But hold on, with the days on market increasing almost 2.5 months, you have to think the buyers are not on board with the pricing.  If you are looking to sell in less than average time, look at the numbers and price close to market value. If you are looking to purchase, look for a realistic seller and be aggressive on the low side.

Median Price for homes in NEWPORT COAST, CA 92657

Inventory for homes in NEWPORT COAST, CA 92657

Average Days on Market for homes in NEWPORT BEACH, CA All ZIP Codes

If you are thinking about making a move, now is an excellent time to take a look at market value and activity. I’m here to help you estimate the market value of your home, or to help with a purchase strategy.  Feel free to reach out to me. I’m here to help. It’s what I do.

Where do you think Newport Coast and Crystal Cove home prices are headed?

Please post a comment.

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Is it time to buy?

Today, on the front page of the LA Times, “Southern California home prices edge upward again in October,” would suggest maybe the time is now to pull out the checkbook. Or at least, kick the tires a little harder.

Timing is everything. Combined with the federal tax incentives for first-time and move-up buyers, interest rates near, or at, historic lows,  the holiday season and our infamous buyer’s market – could there be a better time to make the move back into the housing market?

Closer to home – MDA DataQuick reports Orange County number of sales decreased -1.2% from October 2008 to October 2009. Sales prices, for the same time period, increased +3.9%

Check out the real-time market trends report below. You can see things have started to move up.

The questions are: Will it stay that way? Are we in for another downturn? Do you believe sustained real estate housing price appreciation is back?

Please post your comments below. I want to know what you’re thinking.

Median Price for homes in NEWPORT BEACH, CA All ZIP Codes

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Newport Beach Real Estate ~ Homes for Sale on Linda Isle

March 8, 2009

A recent post about Linda Isle home prices holding steady has brought a few inquires about how to see homes for sale on Linda Isle. For folks from out-of-town, or locals who are just now learning about this beautiful area of Newport Beach, Linda Isle homes for sale are a little more difficult to see [...]

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Newport Beach Real Estate – Full Disclosure

March 4, 2009

Some people, when selling, have a difficult time telling the truth about their home. They are afraid if they disclose negative items, they will scare the buyer away or somehow, hurt the deal.  When I represent a seller, I urge full disclosure about everything using the required California Transfer Disclosure Statement (TDS). It’s better to [...]

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Crystal Cove Real Estate ~ Crystal Cove Home on Auction Block

February 13, 2009

A dose of reality is being given to luxury home sellers in Crystal Cove. 39 South Sur is going on the auction block. The minimum bid is $4,950,000. Not too long ago, this former model home, was on the market for $7,475,000. I’m told a couple of offers have come in to purchase it before [...]

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Newport Beach Real Estate – Weekend Mortgage Rates Update

January 31, 2009

Welcome to the Newport Beach Real Estate Weekend Mortgage Rates News Update.
My aim is to bring you the most current mortgage rates for your weekend house hunting and decision making.
One of the great things about being a Coldwell Banker real estate agent, is having working relationships with great companies and, of course, the people within [...]

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Weekend Mortgage Rates News Update

January 24, 2009

Welcome to the Newport Beach Real Estate Weekend Mortgage Rates News Update.
My aim is to bring you the most current mortgage rates for your weekend house hunting and decision making.
One of the great things about being a Coldwell Banker real estate agent, is having working relationships with great companies and, of course, the people within [...]

Read the full article →

Corona Del Mar Real Estate – Market Report – December 2007 to December 2008

January 22, 2009

Real estate news recently released by DataQuick,  reflected a 25.4% decrease of the average single family home sales price in Orange County.
With the interest in Corona Del Mar real estate market trends, learning how Corona Del Mar realty compares for the period December 2007 to December 2008, is important for buyers and sellers of real [...]

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Newport Beach Real Estate – Linda Isle Holds Steady

January 21, 2009

Linda Isle is one magnificent aspect of the Newport Beach housing market. There are 104 bay front homes where “location” plays an important part of pricing homes to sell.  Facing Pacific Coast Highway, facing Bayside Drive, inside the horseshoe, facing towards the turning basin, you get the idea. The location makes a difference. Supply and [...]

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Newport Beach Housing Blog aka Newport Beach Real Estate Blog

January 16, 2009

If you are looking for the Newport Beach Housing Blog – you found it!
I am proud the OC Register real estate columnist/blogger Jon Lanser has chosen this blog to help distribute the news and views of the Newport Beach housing market. This blog covers, besides Newport Beach, Corona Del Mar, Newport Coast and Crystal Cove [...]

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