The sun has set on 2016 and as we look to 2017, you might be wondering how did the Newport Beach, California Real Estate Market perform overall? Throughout the year we heard in the media, prices were up, it's a sellers market, buyer demand is strong and the good news continued.. But what did all that really mean when you look at the numbers?
Below is a review from the Orange County Association of Realtors at how all the numbers shook out in 2016. We will split this out into two segments: Detached homes and Attached homes:
Newport Beach Detached 2016 Home Sales:
- Median Sales Price in Newport Beach, California for a Single Family Detached Home was $2m and that was up 7% from 2015. The Average price was just over $2.5m
- Sales Volume in 2016 was slightly down 2015.
- Days on the market: The average days on the market to sell a single family detached residence was 91 in 2016.
- Year end Inventory was up from 2015 by 12% with 4.6 months of inventory available to home buyers.
With the increase in inventory home buyers have many opportunities to find their dream home.
Newport Beach Attached home sales:
- Median Sales Price in Newport Beach, California for a Attached home i.e. Condo/Townhome was $892k and that was up 2.5% from 2015. The Average price was just over $1m.
- Sales Volume in 2016 was just about the same from 2015.
- Days on the market: The average days on the market to sell a single family detached residence was 82 in 2016.
- Year end Inventory was down from 2015 by 10% with 3.2 months of inventory available to home buyers.
The overall market in Newport Beach is very strong, especially in homes priced below the median. Homes priced right, presented beautifully and available are currently selling at about 96% to the list price.