June 2024’s housing market update for Newport Beach, Corona del Mar, and Costa Mesa shows a mixed bag of trends.
Newport Beach sees stable sales but a slight drop in prices, Corona del Mar enjoys rising sales and prices, while Costa Mesa faces fewer sales but higher average prices.
Newport Beach
In June 2024, Newport Beach saw a slight increase in the number of property sales. With 48 homes sold, there was a modest 2% rise compared to the previous month. Despite this increase in activity, the average sales price experienced a small dip, falling by 3% to $3,097,000. This decline in average price suggests a potential softening in the high-end market or a shift towards the sale of more moderately priced properties.
Corona Del Mar
Corona del Mar’s housing market presented a contrasting trend with a significant surge in average sales price. The number of sales climbed to 16, marking a substantial 31% increase. Meanwhile, the average sales price jumped by 17%, reaching $4,695,000. This notable rise in both sales volume and average price highlights a robust demand in this upscale community, indicating strong buyer interest and possibly limited inventory driving up prices.
Costa Mesa
Costa Mesa experienced a marked decrease in sales activity, with only 46 properties sold, representing a steep 47% decline. Despite the drop in the number of transactions, the average sales price rose by 9% to $1,362,000. This increase in average price amidst declining sales suggests that higher-value properties are still attracting buyers, or it could reflect a limited supply pushing prices upward.
