As we head into the holiday season, the Southern California real estate market is showing some notable trends. Here’s a look at how three key areas—Newport Beach, Costa Mesa, and Corona del Mar—are performing in November 2024 compared to the same month last year.
Newport Beach: Strong Gains in Sales and Prices
Newport Beach is seeing a robust market this November. Sales have jumped by 19% compared to last year, signaling continued demand in this luxury coastal enclave. Buyers are clearly eager to make their move, and this surge in transactions has contributed to a significant rise in home prices. The median home price in Newport Beach has increased by a striking 29%. This price growth reflects the area’s desirability and the limited inventory of high-end properties, which continues to fuel competition among buyers.
Costa Mesa: Sales Soar, Prices Steady
Costa Mesa is another area seeing a positive shift in its real estate market. Sales have surged by 38% in November 2024, a significant uptick that points to increased buyer interest and activity. While home prices have risen more modestly—up 3% compared to November 2023—this still indicates a steady appreciation. Costa Mesa’s growth is likely fueled by its proximity to desirable locations, including the beach, and the increasing appeal of its diverse housing options and vibrant community.
Corona del Mar: Sales and Prices Dip
On the flip side, Corona del Mar is experiencing a slowdown. Sales have dropped by 8% year-over-year, and the median home price has decreased by 31%. This sharp price decline may be attributed to a variety of factors, including market corrections, higher interest rates, and potential shifts in buyer preferences. While the market in Corona del Mar is still one of the most sought-after in the area, this drop in prices could present an opportunity for buyers looking for a bargain, especially given the neighborhood’s historical appeal and future growth potential.
Key Takeaways:
– Newport Beach continues to see high demand, with both sales and prices climbing significantly.
– Costa Mesa is experiencing a surge in sales, with prices holding steady.
– Corona del Mar is facing a slowdown, with both sales and prices showing declines.
As we move through the final months of 2024, it’s clear that the real estate market in these coastal communities is dynamic, with varying trends across different neighborhoods. Buyers and sellers should stay informed about the local market conditions and be ready to adapt as needed.
Whether you’re looking to buy, sell, or simply stay informed, understanding the latest trends in these markets can help you make the best decisions as we approach the new year.