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A December 2023 Snapshot of the Coastal Orange County Housing Market

As we bid farewell to 2023, it’s time to reflect on the dynamics of the real estate market in Orange County. In particular, let’s delve into the recent housing data for Newport Beach, Corona del Mar, and Costa Mesa to gain insights into the trends shaping the local real estate landscape.

**Newport Beach: Soaring Sales and Prices**

The coastal gem of Newport Beach experienced a robust December, with the number of sales reaching 87, marking a significant uptick of 14%. What’s even more noteworthy is the impressive surge in the average sales price, which soared by an impressive 46% to reach $3,366,219. This surge reflects the desirability of Newport Beach’s properties, as buyers continue to flock to this picturesque locale.

Homebuyers in Newport Beach seem undeterred by the market conditions, displaying a strong appetite for the luxury properties that the area is renowned for. The double-digit growth in both sales volume and prices signals a thriving market in one of Orange County’s most sought-after communities.

**Corona del Mar: Mixed Signals with a Silver Lining**

Corona del Mar, known for its seaside charm, witnessed a mixed bag of trends in December 2023. While the number of sales increased by a commendable 18%, reaching a total of 18 transactions, the average sales price took a dip, sliding down by 15% to settle at $5,085,417.

Despite the decline in average prices, the uptick in sales suggests continued interest in the unique offerings of Corona del Mar. The market here is recalibrating, and for prospective buyers, this could present an opportune moment to explore the coastal wonders this community has to offer.

**Costa Mesa: Stability with a Dash of Price Growth**

Costa Mesa, a vibrant community with a mix of urban and suburban living, exhibited stability in its December 2023 housing data. The sales saw a modest decrease of 5.7%, totaling 33 transactions. However, the average sales price demonstrated resilience, rising by 6.9% to $1,388,781.

This balanced performance in Costa Mesa suggests a market holding its ground, with buyers and sellers finding common ground. The slight dip in sales is offset by the healthy increase in average prices, indicating a community where real estate remains an attractive investment.

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