Current Newport Beach Real Estate Market Trends
If you're involved in the Orange County real estate market or are interested in getting involved in the local real estate market it's important to stay up to date about everything going on. Balboa Realty is here to break it down and provide you the most important and helpful real estate information. Let's chat about the current Newport Beach real estate market trends and what that means for you.
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Over the past year, data proves that there has been an increase of 9% which is $173,750 in median home sales for the Newport Beach real estate area. Although we saw this increase, there was a decrease of average price per square foot from $909 to $844 currently.
Median Sales Price - 1 Year
(Trulia)
Median Sales Price - 5 Years
(Trulia)
The number of real estate sales is currently around 200. According to the graph, you can clearly see that the slow season is November - March and then sales quickly pick up in the springtime.
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The average number of total rentals on the market each month hovers around 200 which is almost double compared to last year. There is the largest inventory available for rent consistently of 3 bedrooms, then 4 bedrooms, then 2 bedrooms then 1 bedroom respectively.
The median rental cost of total rentals is down slightly compared to last year - this may be due to a large supply of rentals available and also more people looking to buy in the area. In January 2019, the median price of a 1 bedroom spiked to $5,100, but it dropped after a couple months and leveled off to $2,175. The 4 bedroom rentals also had a spike in median rental price in January of over $10,000 and then dropped to $6,900. The median price of a 2 bedroom rental is $3,050 which is down from previous months of over $3,500. The 3 bedroom median price hovers around $5,000 for the past few months.
Published on Friday, August 9, 2019