Newport Beach Market 1Q 2012
The Newport Real Estate Market continues to see limited sales as of the first quarter of 2012. Looking at the overall Newport Beach Real Estate, which includes the communities of Newport Beach, Corona del Mar and Newport Coast, there were 241 Newport Beach Homes sold over the past 90 days. This equates to slightly above 80 sales per month over a time period of November, December and January which has always been a slow time in the local real estate market.
The 241 sales from the past 90 days compared to 253 sales for the same period 1 year ago. The average sales price for those 241 sales was $1,615,678, this compares to an average of $1,664,130, down 2.9%. While the average price is a good comparison it can be impacted by a few large sales when there is such a limited sample size. A better indicator is the price per square foot, which for the most recent 3 months was $535.85 per sq ft vs $601.37 from the prior year's period, this is a decline of 11% year over year.
The real estate data provider, Dataquick breaks out the data for each of the communities of Newport Beach, Corona del Mar and Newport Beach. They also only report one months data at a time, data for the most recent month available, December indicates that there 61 sales of Newport Beach Homes, 17 sales of Corona del Mar Homes and 17 sales of Newport Coast Homes. Their numbers also suggest that the median price, there preferred measurement, for each community was down 11.83% for Newport Beach Homes, up 8.82% for Corona del Mar Homes and up 29.68% from the prior year.
As you can see, the Data for Dataquick and more importantly the median price measurement can have large swings. These three communities did not in reality have these different large swings in values. It was however due to the impact of a few sales at the higher end of price range. Newport Beach is known for its high value real estate and the higher prices which this real estate demands. Having an impact of the Corona del Mar Homes sales data was a $14,850,000 sale within the Shore Cliffs neighborhood. While the Newport Coast homes included the sale Villa Serbelloni, an ocean view estate home within the gates of Pelican Crest.
