Number of homes for sale: 64
Number of homes sold: 81
Average days on market for sold homes: 39
Median price of homes currently for sale: $2,850,000
Median price of homes sold: $1,700,000
The typically hot spring and summer markets for Newport Beach never really materialized. The year started out strong and in spite of tight inventory, sales volume started to tick up as we headed from spring into peak summer season. And then June happened - the coastal market lost momentum.
There were 10% fewer Newport Beach homes sold in June 2018 verses June 2017. Prices remained strong and the time on market was still quite fast, taking only 39 days on average to sell a home versus the historic average of 90 days (DOM).
Since all home values in Orange County have risen, the entry priced market has all but disappeared causing the (county) median price to rise. Newport Beach has done the opposite. Contrary to the county market overall, the median sold price was $1,700,000, which is 5.9% lower than in June 2017 and 2.9% below 2016 median.
It will be interesting to see how things look at the end of August.