Here is the recent real estate activity showing the Median Price for Newport Coast, CA, 92657.
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The definition of the Median Price is the price of the house that falls in the middle of the total number of homes for sale in that area.
The Median price of 101 sold homes would be the price which is lower than 50 of the prices and also higher than 50 of them. Do not confuse this term with average. The difference between average and median can be quite different. For example, if you are looking at a “sold” market analysis and the homes are evenly distributed, the median and average might be similar. But, if the homes sold were more to one end of the price range, then the median and average could be different.
Let me know what you think the local Newport Coast Real Estate market is doing…post a comment and get the conversation started.
Stumble It!
What I find tough about median prices in high end markets is that variance of prices skews real price movements. That’s at least what I find in Manhattan Beach and the South Bay, and I’m guess it’s the same in Newport Beach, and most of coastline Orange County. Something akin to the Case-Shiller property pairing method would be required to see how prices really move, but I guess median prices are at least recognizable to the general public, and therefore useful.
Good to see that prices look to be improving in OC!
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