As we step into the heart of summer, the real estate market in Newport Beach, Corona del Mar, and Costa Mesa has shown notable trends and shifts. Here’s a detailed look at the performance of these areas in July 2024 compared to the same time last year.
Newport Beach
Number of Sales: 63 Up + 6%
Newport Beach has seen a robust increase in the number of sales, with a 6% rise compared to the previous period. This upward trend highlights the area’s growing demand and attractiveness to buyers.
Average Sales Price: $3,290,000 Up + 14%
The average sales price in Newport Beach has surged by 14%, reaching $3,290,000. This significant increase reflects the area’s premium market status and the high value placed on properties here.
Corona del Mar
Number of Sales: 18 Down – 12%
In contrast, Corona del Mar has experienced a 12% decrease in the number of sales. This decline suggests a possible shift in buyer interest or market conditions that may need to be monitored closely.
Average Sales Price: $3,362,500 Down – 18%*
The average sales price in Corona del Mar has dropped by 18%, settling at $3,362,500. This decrease might indicate a correction in the market or a change in the types of properties being sold.
Costa Mesa
Number of Sales: 51 Down – 15%
Costa Mesa has also seen a decline in the number of sales, with a 15% reduction. This downward trend might be influenced by various factors, including market saturation or economic shifts.
Average Sales Price: $1,399,000 Up + 12%
Interestingly, despite the drop in sales, the average sales price in Costa Mesa has increased by 12%, reaching $1,399,000. This rise suggests that while fewer properties are being sold, those that are on the market are commanding higher prices.
Overall, the real estate market in these three areas presents a mixed picture. Newport Beach continues to thrive with increasing sales and prices, while Corona del Mar and Costa Mesa show signs of price adjustments and fluctuating sales numbers. As always, staying informed and adaptable is key to navigating these market dynamics.
