In November 2023, Newport Beach experienced a substantial boost in sales activity, with a significant double-digit percentage increase in the number of properties sold. This surge in demand also translated into a noteworthy 11% rise in the average sales price, indicating a healthy and active market.
Newport Beach
– Number of Sales: 41
– Increase of 31% compared to the previous period.
– Average Sales Price: $2,999,000
– Demonstrating a robust 11% uptick.
Contrary to the overall positive trend observed in Newport Beach, Corona del Mar witnessed a decrease in the number of sales, signaling a shift in market dynamics. However, the average sales price experienced a substantial 87% surge, suggesting a strong demand for higher-end properties in the area.
Corona del Mar
– Number of Sales: 12
– A decrease of 29% compared to the prior period.
– Average Sales Price: $7,025,000
– Marking a remarkable 87% increase.
Costa Mesa exhibited a decrease in the number of sales, indicating a potential slowdown in the market. Despite this, the average sales price displayed a notable 29% increase, showcasing resilience and positive growth in property values.
City of Costa Mesa:
– Number of Sales: 34
– Reflecting a 19% decline from the previous period.
– Average Sales Price: $1,491,000
– Showing a solid 29% increase.
While there was mixed performance across different areas, the Newport Beach real estate market demonstrated overall strength, with increased sales and rising property values. It will be interesting to observe how these trends evolve in the coming months and whether the shifts in demand and pricing are sustained. Stay tuned!