OC Buyer’s Market Continues; Million-Dollar Homes Sell Slower

Buyers looking for Newport Beach real estate are at a unique advantage as Orange County properties remain increasingly buyer-friendly, as reports from last week indicate. According to Altera Real Estate in Aliso Viejo, there are still more homes for sale today than people willing to buy them.

The report showed that demand for homes in the past month was 3,306, considerably higher than last year's 2,743 but down by 2% in the last couple of weeks. On the other hand, there were 8,895 homes for sale during the same period-down 1% from the last two weeks and a whopping 60% lower than a year ago.

Homes in Newport Beach are also selling faster than they have in the last two years. Market times hovered between 2.66 and 2.69 months as of late July, compared to 5.38 months from last year and 9.66 months two years ago.

The study also noted that homes with price tags under $1 million spent considerably less time in the market than those with seven-figure values. The former have an average market time of only 2 months. Million-dollar homes, which account for a large number of Newport Beach properties, take a little over 14 months to sell.

 

Earlier in Newport Beach Real Estate News:
Newport Beach Home Prices Up Over Year
Newport Beach Among O.C.’s Slowest Markets
Newport Beach ZIP Sees Sales Spike as Prices Plunge