The September 2024 real estate numbers for Newport Beach, Costa Mesa, and CDM paint a nuanced picture of the local market.
Newport Beach: Stability Amid Growth
In Newport Beach, the real estate market has shown resilience with 47 closed sales in September, reflecting a 2% increase compared to the same period last year. The average home price in this coastal paradise now stands at $4,322,531, up 2.3% year-over-year.
This slight uptick in both the number of closed sales and average price indicates a steady demand, as buyers continue to see value in the area’s desirable location, stunning views, and luxurious amenities. The market remains competitive, particularly for high-end properties, making it an appealing time for sellers to list their homes.
Costa Mesa: A Mixed Bag
In Costa Mesa, the situation tells a different story. The market saw 41 closed sales in September, which is a 12% decrease compared to last year. However, the average price for homes has risen to $1,546,288, reflecting a 7% increase.
This drop in closed sales could suggest that the market is beginning to stabilize after a period of rapid growth. Buyers may be taking a more cautious approach, while those who do enter the market are willing to pay a premium for quality homes. This trend could be indicative of shifting buyer preferences or inventory challenges in the area.
Corona del Mar (CDM): Premium Properties Hold Strong
Corona del Mar experienced 17 closed sales in September, down 10% from last year. Despite this decline in transaction volume, the average price of homes has surged to $4,819,059, marking a 12% increase.
The rise in average price, despite fewer sales, suggests that higher-end properties in CDM remain highly sought after. Buyers are likely focusing on premium listings, further reinforcing the area’s reputation as a luxury destination. Sellers in this segment are benefiting from strong demand, which can drive prices upward.