How did Newport Beach Real Estate Sales Do in 2008?

Happy New year to all! I welcome 2009 and I believe it will be a wonderful year. A year for change. I think you will all agree with me. I'm always researching sales in Newport Beach, Newport Coast and Corona Del Mar, and of course the last few days that's exactly what I have been doing. I wanted to see exactly how we ended up. The last couple of months were extremely slow. Although real estate sales have slowed down, buyers are still getting in bidding wars. There are very clever sellers that do price their homes to sell, and not test the market, and generally those are the homes in bidding wars and sell within a few days. I see it happen all the time.

People have to move for many reasons. For example relocation. Here in Newport Beach we have many professionals that do relocate often. They have to move no matter if the market is good or bad. Divorce is another reason for moving , an expanding family, a smaller family, illness, death. So while the number of homes selling is down, they are still selling, people have to move.

I compared the average selling price for 2007 vs 2008 for some Newport Beach communities, Corona Del Mar, and Newport Coast. Yes they are down, but they will come back up. If you are thinking of moving this is the perfect time for you to consider doing so, before prices go up again. In Newport Beach it can be next week! And I don't want to forget to mention, notice the prices in One Ford Road they are higher in 2008. Lido Island, they are just about the same in 2007 as in 2008! It shows that you can't go wrong with Location, Location, Location. The following are the average price sold for 2008 vs 2007.

• 2008 Lido Island $3.0 in 2007 $3.0
• 2008 Balboa Island $2.5 in 2007 $2.7
• 2008 Corona Del Mar $2.3 in 2007 $2.8
• 2008 Dover Shores $1.5 in 2008 $1.7
• 2008 One ford Road $2.3 in 2007 $1.8
• 2008 Castaways $2.4 in 2007 $2.9
• 2008 Newport Coast $2.7 in 2007 $3.2

For more information on Newport Beach, Newport Coast and Corona Del Mar, or any community in Newport please feel free to contact me anytime. Or visit my website for free community reports, school reports and demographics of Newport Beach.

I wish you a Happy 2009 and a very prosperous year!