Newport Beach Real Estate Sales Are Up 14%! Thats what Data Quik reported for late April and first week of May 2012. I have recently been seeing multiple offers, homes selling for asking price or close to it, and buyers and Realtors are scrambling trying to find homes for sale. This really is happening pretty much everywhere, and definitely in Newport Beach.
In the Dover Shores community where I specialize in, there are only 22 homes for sale today. The average asking price is $1,894,177. There are 13 homes in escrow and 21 have sold in the past 90 days. You can see that inventory is really low. If no other homes came on the market it would take 2.3 months to sell all the inventory in Dover Shores. This is called absorption rate. A 6 month absorption rate is normal, more than 6 months its a buyers market and less than 6 months is a sellers market!
I'm not sure if this is temporary or not. If you are contemplating on selling your home, this is the time! If you are a buyer while you may pay a little more right now, it could be a lot more a few months down the line or if interest rates go up, then you will have missed the opportunity. Sellers don't wait! The last quarter of the year should be slow. I don't have a crystal ball, but being an election year, you never know what can happen.
Feel free to contact me with any questions regarding Newport Beach Real Estate!