Orange County is going through a major price correction currently, but property values in Newport Beach are doing much better then most other cities in Orange County. For south Orange County, detached homes have dropped in price from Spring of 2006′ (the peak of the market) to today, by about 20% for Single Family homes, and around 28% for Attached Condos. These Stats are gathered from the Multiple Listing Service (MLS) and are calculated using Price per Square Foot.
In Newport Beach, single family detached homes have only dropped 6% since the Spring of 2006′ and attached Condos have decreased 14% since early 2006′. A more in depth review of the Sales statistics reveals the following:
Detached Homes Sold in Past 90 Days:
Total = 77, Average Price= $2.13Mil, Median Price= $1.7Mil, Days on Market= 91
Attached Condos Sold in Past 90 Days:
Total = 50, Average Price= $994,000, Median Price= $700,000, Days on Market= 103
Detached Homes Sold in March, April, May of 2006′:
Total = 91, Average Price= $2.23Mil, Median Price= $1.8Mil, Days on Market= 89
Attached Condos Sold in March, April, May of 2006′:
Total = 77, Average Price= $1.08Mil, Median Price= $850,000, Days on Market= 95
We have found similar results in other high end coastal communities such as Newport Coast, Corona Del Mar and Laguna Beach. If you would like to view all homes or condos listed for sale in Newport Beach, CA., visit our website at: Newport Beach Homes and Condos.
Short Sale Information,