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.
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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