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Real Estate Market Update: February 2024

As we step into the second month of the year, it’s time to take a closer look at how the real estate market is shaping up in Newport Beach, Corona del Mar, and Costa Mesa. The numbers are in, and they tell an intriguing story of fluctuating trends and promising growth.

Newport Beach: Soaring Sales and Prices

In Newport Beach, the real estate market is showing impressive resilience and growth. With a total of 45 sales recorded in February, the number has surged by 36% compared to the previous period. What’s even more remarkable is the rise in the average sales price, which now stands at $2,860,000, marking a substantial 16% increase. This uptrend indicates a robust demand for properties, reflecting its desirability among homebuyers.

Corona del Mar: Surging Demand and Premium Prices

Corona del Mar is experiencing a surge in both sales volume and prices. The number of sales has skyrocketed by a staggering 110% compared to last February, signaling a significant uptick in buyer activity within the area. Moreover, the average sales price has seen a notable increase, reaching $5,380,000, up by 26%.

Costa Mesa: Mixed Performance with Bright Spots

While Costa Mesa has seen a slight decline in the number of sales, down by 5.7%, there are still promising signs of growth in the market. The average sales price has surged by an impressive 35%, reaching $1,425,000. Despite the dip in sales volume, this significant increase in prices demonstrates the enduring attractiveness of Costa Mesa as a sought-after residential destination.

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