Newport Coast Housing Market May 2019

Over the past 4 years, the Newport Coast housing market in terms of prices has been on the rise since 2016. 

To give you a historical idea,

• 2016, there were 147 home sales with an average selling price of $3,824,714.

• 2017, there were 173 home sales at an average selling price of $5,095,854

• 2018, there were 126 homes sales at an average selling price of $5,078,104

So, what is happening in 2019?  What will housing prices do and why is this all-important?

Using the Newport Coast Housing Market Charts Can Help You Understand Pricing

I created the charts below to show you the Newport Coast housing market in comparison by year over year and month over month.  

Why?  Well, I have a lot of clients that want to know what the real estate market is doing in Newport Coast and the surrounding cities.  Some clients ask me how flexible homeowners are at their price.

While I can’t read people’s minds…or can I.  The real estate statistics charts and graphs help you and me to see what is really happening in the Newport Coast marketplace.   And, the best part, you don’t have to be a mathematician to figure it out all out.

Average Selling Price of Newport Coast Houses

This live chart compares months and years for sales that closed escrow in Newport Coast, California.

How Long Does it Take to Sell a Home in Newport Coast?

This chart shows you the time, on average, that it takes from the date the house is listed until it closes escrow.  I guess this section answers the question you may have if you are selling your Newport Coast home as to “how long will it take to sell my home?”

I find the answer really depends on how you price the home.  Some buyers think that if the home is up for sale too long that either there is a problem with the house or the seller is flexible now.

And, there can be a number of reasons why one home sits on the market for sale longer than the next one.  Sometimes it is the condition, price,  location, a family situation….it can be a number of things.

Realtors call this chart “Days on Market”.

How Many Months of Supply or Inventory is Competing for Buyers in the Newport Coast Housing Market?

How many other sellers with similarly priced homes in Newport Coast are competing against one another for a buyer?  We like to put this in the number of months of supply until the area is sold out.

If there is an increase in this area, then pricing tends to go down.  More competition makes home sellers more flexible overall.

 

Number of Closed Sales Per Month 

It is always good to see how many properties are selling per month.  The hottest season of the Newport Coast real estate market is between April to September.  It is like this in most of Southern California.  

A quick note: Families tend to plan for a move 12 to 18 months before they actually list their home for sale and purchase. 

The April to September time frame is the summertime window.  It is very active during this time for buying and selling.  Now, that doesn’t mean that homes are not selling from October to March.  It just means more tend to sell during the summer.

 

Average Price Per Square Foot

This number is the overall price per square foot.  When you select a Newport Coast home that you want to purchase, I will determine the real market value of that property just like I’ve been doing for the past 26 years.  I will be using real estate data from our local MLS and property tax records.  I will not be going to unreliable Zillow or Trulia to figure out real home values.

I say that because some clients think that the estimate from Zillow is the real market value and that all Realtors go to the California MLS for that.  No thanks.  They are just another online real estate magazine.

I use the same reliable system that I always use.

My Favorite: that Answers the Question “How Much Should I Offer?”

Watch the video on the Newport Coast Housing Market Trends to find out how I figure out the answer to this question for you.

Let’s meet and talk about your Newport Coast real estate plans in a real estate consultation for buying and selling.  What was the most interesting information that you learned from the video and blog post today?