Newport Beach Real Estate Market Update

April 2011 vs. April 2010

Posted on May 31, 2011 by Gwen.

Newport Beach real estate for year-to-date as of April 30, 2011 continued to show signs of improvement and a shift towards a more stable market.  At the end of the month, there were 203 Newport Beach homes and Newport Beach condos sold as compared to 211 last year for the same period, however, a sign of a solid summer ahead for the market was evident based on 88 homes under contract at the end of the month, up 31% from last year.  The average sales price stood at $1.30 million, down 5% from $1.37 million last year, which represented a drastic improvement from the bigger drops the prior years.

New listings on the Newport Beach real estate market are down 10% for the year, which is helping with the current 13 months of inventory on the market.  While the higher inventory can be attributed to Newport Beach being a luxury market, this is still high compared to what historically has been a stable market. 

With interest rates still hovering near record lows and prices showing they are starting to stabilize, now may be a great time to get into the Newport Beach real estate market.  For a detailed consultation and to view sales in neighborhoods and price points of interest to better understand the stability of the market, please feel free to contact us.

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