Newport Beach Real Estate Market Update

For the past year the average days on market in Newport Beach has been increasing. It has gone from 120 days to almost 175 days. This means that the average home in Newport Beach sat on the market between 5-6 months before receiving an offer. You can see each quarter in the following:

Buyers, the higher the days on market the better chance you have in getting an offer accepted. Sellers get tired of showing their homes and if they have a certain deadline they need to be out by they will be easier to negotiate with.

Sellers, when pricing your Newport home please be realistic. Make sure you have an agent that is experienced, and honest about what price your home will sell for. Don't test the market. Buyers are not willing to over pay these days.

Although days on market are rising inventory is depleting. This will start to either increase prices or the better homes will go into bidding wars. I see all the time. Take a look at the following graph.

My advice is: if you are considering purchasing a home start looking now. You wont know the bottom has hit until you look back and wish you would have purchased a home when prices, and interest rates were low.

For more information on Newport Beach Real Estate, Corona Del Mar Real Estate,or Costa Mesa real Estate, please feel free to contact me anytime.