The August 2024 real estate market shows varied trends across our local areas. Newport Beach is seeing more transactions but lower prices, Costa Mesa is experiencing reduced sales with rising prices, and Corona Del Mar is facing fewer sales but soaring prices. These trends provide a mixed picture of the market, reflecting different dynamics at play in each region.
Here’s a snapshot of the trends and changes we’re seeing:
Newport Beach
Homes Sold: 65
Change: Up 6% year-over-year (YoY)
Median Home Price: $3,195,000
Change: Down 3% YoY
In Newport Beach, we’ve seen a notable increase in the number of homes sold compared to last year, reflecting a resilient demand in this sought-after area. However, the median home price has seen a slight decline, suggesting a potential shift in the pricing dynamics or changes in the types of properties sold.
Costa Mesa
Homes Sold:47
Change: Down 9% YoY
Median Home Price: $1,350,000
Change: Up 8% YoY
Costa Mesa experienced a drop in the number of homes sold this August, indicating a slower pace in the market. Despite this, home prices have risen by 8%, signaling strong demand for properties and potentially tighter inventory.
Corona Del Mar
Homes Sold: 15
Change: Down 28% YoY
Median Home Price: $4,495,000
Change: Up 22% YoY
Corona Del Mar saw a significant decrease in the number of homes sold, a trend attributed to high prices or limited inventory. Despite the drop in transactions, the median home price has surged by 22%, highlighting the area’s high demand and premium market status.