​Newport Beach April Sales

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The data is in! The Real Estate Market is alive and well. Things have really picked up the since the start of the year and we’re going to dive into what that means to sellers and buyers.

  • All data is for detached single family homes in Newport Beach. If you would like information regarding condominiums or other cities, please contact Scott.
  • Scroll over the graphs to see more details on the data.

Median Sales Price:


What does this mean?

The price of homes has increased 6% year-over-year. A rate well above inflation and a sign of healthy market. Prices stayed below the median price for May of 2016 so look for the increase to continue in the coming months.


New Listings:


What does this mean?

We saw a 12.2% increase year-over-year in new listings coming to market. New listings historically peak in the May through July season, so we can expect that increase to continue. Does that mean the market is being flooded with too many homes? The next chart will answer that question.


Months Supply:


What does this mean?

The months supply is the absorption rate of all actively listed homes at the current rate at which buyers are purchasing homes. The supply has actually gone down 4.3% year-over-year even with the 12.2% increase in new listings. How is that possible? Two graphs will give us a better explanation. The Days on Market (DOM) and Closed Sales.


Days on Market (DOM):


What does this mean?

The DOM has decreed dramatically, down 32.4% to a median days on market to 48 days. A rate not seen since June of 2013 when it was 47 days. That means that even though prices are up, buyers are purchasing homes quickly.


Number of Closed Sales:


What does this mean?

Closed sales are up 80.6% year-over-year. A massive increase by any standards. Home sales were at their lowest for the year in April 2016. This year we’ve seen rapid growth since February.



Factors:

  • The Federal Reserve has increased base interest rates.
  • Buyers are taking advantage of these historic low rates while they still exist.
  • The threat of an unstable market from the presidential election has faded.
  • The stock market has been on a historic bull run and has reached unprecedented levels.