I have been a fan of Altos Research for a few years now. They produce statistics for us that are very accurate. Altos shows us what active listings in the area are doing weekly. The above chart indicates that while the median price in July 2007 was well over $2,000,000 in Newport Beach and has dropped to below $1,500,000 at times, since then it has slowly been creeping up.
There are still many homes on the market and the information above also proves that 39% of the homes on the market started too high, therefore having price decreases.
If you are thinking of selling your home soon, please take in consideration the state of the economy, the amount of inventory on hand and the longer your home sits unsold, the less someone is going to want to pay for it. It's a great time to buy and sell, you just have to understand today's market. There are so many great buys and interest rates are lower than ever, it makes opportunities for us all.
Feel free to contact me with any questions, no obligation!
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