Newport Coast Real Estate Market Update!

March 2011 vs March 2010

Posted on April 20, 2011 by Glen.

Newport Coast real estate for the quarter ended March 31, 2011 as compared to the same perior last year continued to show signs that the luxury real estate market is adjusting, though there are some great deals to be made out there if you are a buyer.  The most positive news is that there were 11.4% more Newport Homes sold during the first quarter of 2011 as compared to 2010 while new listings coming on the market are down 8.6%.  Both of these figures indicate that the supply and demand are working their way back to levels that support stable pricing.

The average sales price for Newport Coast homes is down 24% as compared to last year, which may more likely means that cheaper properties are selling off the market or the very high end luxury properties have made some signficant adjustments that have pulled the median down. 

Newport Coast real estate sold for 94.3% of adjusted list price, a rise of 4.2% versus last year, meaning that buyers and sellers are coming more in line with where they believe the market currently resides.

For more information, including sales in a neighborhood of interest, please feel free to contact us.

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