Home Sales Spike in Corona del Mar

One of the more affluent sections of Newport Beach, Corona del Mar saw more than a doubling of sales activity in the past month, making the city one of the best performing areas in Orange County according to DataQuick's latest data.

For the month ending May 10th, Corona del Mar home sales rose an impressive 233.3% compared to the same period a year ago. A total of 20 homes were sold during the said period, which comes to almost one home for every business day.

The rest of upscale Newport Beach also did well in the market. The hard-hit village of Newport Coast, once among the slowest markets in O.C., saw a 109.1% rise in home sales, with 23 homes sold in the past month. Only Newport Beach 92661, the most expensive area with a median of $2.9 million, moved backwards with a 60% drop.

Home prices are also on the rise throughout the upscale city, a welcome change after a surge of price cuts in the market. Corona del Mar homes went up 36.6% to $2.1 million, while Newport Coast more than doubled to $1.86 million—the highest rise in the county so far.

Countywide, a total of 3,003 homes were sold last month, up 18.2% from a year ago. Median prices are also higher than they were last year, rising 13% to $435,000 this year.

While a return to pre-recession rates isn't very likely this year, experts remain confident that Newport Beach real estate will continue its strong performance well up to 2012. Community improvements and a stabilizing economy are expected to boost buyer interest and stimulate market activity for at least the next few years.

 

Earlier in Newport Beach Real Estate News:
Newport Wins Award for Best Beaches
Newport Beach Home On Private Island Hits Market for $28 Million
Old Newport Beach Building To Be Transformed