If you are listening to the news these days in Orange County you are hearing often how low inventory is, and pricing continues to go up. Great news for home sellers. Some stats you look at in individual areas can show pricing up from 10%, to one I just looked at noted 42% from Jan 2016. Open houses are packed, even on the rainy days we have been having so far in 2017.
We know real estate reports from the news is typically about 6 months behind what we are seeing on the streets. As I prepare for a showing appointments, I always like to look at closed sales in the area we are searching, so I have a complete understanding of that community. My new buyer is looking to buy a luxury property and this is their first luxury home they will be purchasing! They are excited but a little nervous as well. They have worked hard and their success is paying off. But of course.. hearing prices are souring.. makes them wonder if now is the right time to buy.
So as we sat and grabbed a cup of coffee before our adventure began, I pulled out some data. Below is a look at the Newport Beach Real Estate market so far this year...
The above report is from the Orange County Association of Realtors and is a breakdown of the real estate activity within Newport Beach for January 2017. Newport Beach is a sought after community in Orange County and known worldwide and this is where my clients wants to buy!!
Good news for them "at the moment" the Newport Beach Detached home market is trending into a buy market.
- The median price of a detached home is down 12% from last year in Newport Beach.
- New Listings is up and overall inventory is up over Jan 2016. Currently there is just about 5 months of inventory available for luxury home buyers.
- Pending sales is down 42%
As you will note, this report shows Attached homes in Newport Beach and in this market it is a much tighter market. The median price of a home in January increased 16% and interesting the average home price increased 28%... Looking at inventory it is as well, less then last year and there is less then 4 months of inventory.
So what would you say... Is it a good time to buy a Luxury Home in Newport Beach? Absolutely!!
You'll note, I mentioned "at the moment". I am not an economist but the simple rules of supply and demand prevail. This however could change as we enter in the summer months. Inventory is certainly going to increase, but so does demand for those homes! Summer in Newport Beach is hard to pass up!!
Timing the real estate market isn't the easiest thing to do, but if you are seriously ready to make the move, then understanding the current market in your desired area is key to being able to capture it! Of course if we can help you determine just that, we are always just a phone call away.