It’s not all fun, games and food on our blog so we have decided to provide a monthly snapshot of the real estate market in our local community.
Here goes…
The median home value in Newport Beach is $1,305,700. The median list price per square foot in Newport Beach is $823, which is higher than the Los Angeles Metro average of $345. The median price of homes currently listed in Newport Beach is $1,795,000 while the median price of homes that sold is $1,618,750. The median rent price in Newport Beach is $3,100, which is higher than the Los Angeles Metro median of $2,195.
Inventories are currently pretty low, which, is normal this time of year. For those homes currently on the market, it seems too many sellers are pricing them above median and/or comp values and so they sit without action or sell lower than asking. Which, the numbers above reflect. What we are finding is that for sellers who are truly listing according to their neighborhood comps are selling their properties quite quickly.
So, what does all this mean?
Pretty simple…price it right and it will move.
The numbers don’t lie.
There are buyers out there and we have several currently looking on the Balboa Peninsula and Dover Shores.
If you have any questions about the value of your home and want an honest evaluation, we’re here for you…and so are our buyers!
Lastly, don’t forget you can also search Newport Beach and surrounding areas on our site here at any time!