Newport Beach Market Report and Statistics-Nov 2009

I constantly get asked how is the real estate market in Newport Beach? I love to talk about it, but today I will show you.

As you can see prices have taken a fall in Newport Beach, but since July 2009 they have been on the rise. Of course this time of the year real estate does slow down and you can see that in the above chart. It did peak in October but now with the holidays coming the real estate market does take a beating. It will be interesting to see what happens these next few weeks. Considering the tax credit was extended,  interest rates are extremely low and home prices,well we all know whats happening there.

Another interesting statistic is the inventory on hand. Inventory did peak in September but notice in November its coming down. This is partly due to sellers not wanting to sell during the holidays. If you are a seller this is a great time to list your home, you will have less competition than come February, when every one wants to sell.

By looking at the information above it looks like sellers are starting to price their homes to sell. There are less price reductions than during the spring and summer months. Sellers that have been on the market a while are tired of showing their home and lets face it the longer your home stays on the market the less you will sell for.

One thing that has not dipped is the amount of time it takes to sell a home, that is still on the rise. Please really think about selling, if you need to sell at this time then price your home under the last comp in your neighborhood. That is how you will sell quickly and at the highest price buyers are willing to pay today.

For more information on Newport Beach real estate or any of the surrounding areas, feel free to contact me. Want to search for homes in Newport Beach please visit my website for the latest information on homes for sale in Newport Beach.