The market was Up for the month of August and Down from a year ago for the city of Newport Beach. This does not take in consideration Newport Coast or Corona Del Mar.
New listings taken in August 134 homes, Up by 10 homes (+7.5%), at an average listed price of $1,975.659 - Down by $229,553 (-10.4%) from last month.
Closed Sales in August: 35 homes, Down by 10 homes (-22.2%) from last month at an average Selling price of $1,588,011 - Up by $17,500 (+1.1%) from last month. The average home sold for 81.3% of the original asking price and sold in 178 days, worse by 90 days from last month.
August 2008 average sales price for Newport Beach was Down by $217,356 (-12%) from the same time a year ago and the number of sales were Down by 22 homes (-38.6%) and the average number of days it took to sell them was worse by 106 days.
ORANGE COUNTY STATISTICS
The Market was Down for the month of August for Orange County as a whole compared to last month, and Down from a year ago. The number of sales was down by 247 homes (-10%) from last month and Up by 512 homes (+23.1%) from a year ago.
Current total inventory as of August 4th: 13,582 available homes for sale in Orange County, Down by 1,019 (-6.3%) from last month.
New listings taken in August 3,778 homes, Down by 783 homes (-17.2%) from last month at an average listed price of $890,723 - Down by $202,392 (-18.5%) from last month.
Sold in August: 2,218, Down by 247 homes (- 10%) from last month at an average sale price of $708,942 Down by $30,518 (-4.1%) from last month.
August 2008 average sale price for Orange County was Down by $210,644 (-23%) from the same time a year ago.
We sold 512 more homes (+23.1%) in August 2008 than a year ago and it took us 2 more days to sell them.
Comments & Observations: Prices are still coming down in Orange County but not as fast as they were before. We're seeing some months even go up a little. You need to remember these are average figures. It does take at least 3 months to see a trend.
Are you thinking of selling? I can still sell your home in less time and I can help you get the deal of your life, if you're buying!
Buying or Selling, you need an experienced agent. I have over 42 years of experience in Orange County and I know I can help you best! Call me at (800) 224-8983
This report is published at the beginning of each month and reflects the activities of the previous month. The research is done exclusively through the Multiple Listing Service. Figures for the previous month may have been re-adjusted by MLS.
ZIP Codes: 92660, 92663, 92625, 92657 Approximate Location Boundaries: South (Down the Coast) from Huntington Beach
Location Characteristics: Head for the coast, grab the kids, your sandals, or both and get ready for a lifestyle that is unsurpassed. Newport Beach is a gorgeous beach town that I proudly call home, and It's like nothing you have seen before. In Newport Beach you can surf, swim, or you can just take it all in. You can take kayak and canoe excursions along the Back Bay, sunbathe, or a take a cool drive along Pacific Coast Highway, the famous Highway 1. Newport Beach has a sense of style and class coupled with warm and down to earth people.
Just north of Laguna Beach, and south of Huntington Beach, we are in the heart of Orange County. In Newport Beach, there is something for each of your senses. For aesthetics, try the Orange County Museum of Art , The Newport Beach International Film Festival , or shopping at Fashion Island with its upscale and boutique shopping including stores such as Neiman Marcus, Betsey Johnson, and Kenneth Cole. For delectable tastes, Newport Beach has world-class restaurants in abundance. If you love fine dining, Newport Beach is your place. If you're as anxious/excited when you arrive as I was, I recommend trying everything at once. The Taste of Newport Beach is a three-day food, wine and music festival. This delicious event serves up culinary masterpieces from over 30 of Newport Beach's finest restaurants, as well as 15 premium wineries from throughout California, ice-cold brews and delicious cocktails. And please, as excited as you get, remember to breathe, otherwise you'll miss the clean air and ocean breeze.
Log on to my web site www.castlerealtors.com for information about all of Orange County.
About Charles Mansur:
Charles Mansur is a broker/owner for Castle Realtors and has been serving Orange County for the past 40 years. He currently has offices in Huntington Beach, Mission Viejo & San Clemente.
Charles offers his clients a most unusual guarantee: "If at the conclusion of your transaction you were not 100% satisfied with the way I conducted my business I will give you back up to half of my commission or the portion you did not feel I deserved to keep, even if the commission was paid by someone else."
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
