Newport Beach Market Update November 2011

The Newport Beach Market Update for November 2011  seems to be a little weak. Which means: buyers, it is still your market! Generally sellers start wearing down at this time of the year, particularly if they have been on the market a while. You can often negotiate a better price at this time of the year.The median list price is down to $1,211,596, but only 22% of the homes on the market have had a price decrease. At its highest it was at 30%, Which is an indication that sellers are more realistic on their list price.

The Market Action Index is the absorptoin rate of how many homes are selling versus homes on the market. Take a look at the following information. Notice that the past 2 years towards the end of the year sales do pick up. Many folks think that during the Holidays it is not a good time in real estate, but it actually is. Many homes sell during this time. If you are a seller, serious buyers are looking now! So don't give up, you just may sell your home in December! The Holidays is a great time to be selling your home, due to others taking their homes off the market, therefore less competition.

Feel free to contact me with any questions.