Newport Beach homebuying slips 5%. What you should know! – Orange County Register

Sales of existing homes across Newport Beach dipped 5 percent in August vs. a year ago as the city’s three markets were among Orange County’s four priciest neighborhoods.

That’s one homebuying highlight for Newport Beach, Corona del Mar and Newport Coast from ReportsOnHousing for August. This house-hunting data tracks resales of existing detached and attached residences in the community.

Analysis includes August trends based on closed sales: sale counts; average price vs. average list price; high and low price paid in the month; average cost per square foot and average size; plus, based on broker listing networks stats on Sept. 7, the “market time” metric comparing supply of listings to new escrows opened in past 30 days.

In Newport Beach …

Sales: 94 sold vs. 98 a year ago.

Average sales price: $2,327,524 that ranked No. 3 out of 46 Orange County markets tracked and was up 38.8 percent in a year.

Compared to list: Sellers got 95.9 percent of what they typically asked for, ranking No. 44 of the 46 markets.

Range: High sale of $7,250,000 vs. the $385,000 low.

Sizing: On average, buyers paid $921 per square foot on a 2,527 square-foot residence. This pricing metric was up 25 percent in a year.

Market speed: 160 days, listing to escrow opened vs. 205 days a year ago and 149 days two years ago.

In Newport Coast …

Sales: 17 sold vs. 25 a year ago.

Average sales price: $4,254,353 that ranked No. 1 out of 46 Orange County markets tracked and was up 29 percent in a year.

Compared to list: Sellers got 93.5 percent of what they typically asked for, worst of 46 markets.

Range: High sale of $21,000,000 vs. the $860,000 low.

Sizing: On average, buyers paid $985 per square foot on a 4,319 square-foot residence. This pricing metric was up 10.6 percent in a year.

Market speed: 121 days, listing to escrow opened vs. 293 days a year ago and 261 days two years ago.

In Corona Del Mar …

Sales: 25 sold vs. 21 a year ago.

Average sales price: $2,200,946 that ranked No. 4 out of 46 Orange County markets tracked and was down 6.2 percent in a year.

Compared to list: Sellers got 95.9 percent of what they typically asked for, ranking No. 43 of the 46 markets.

Range: High sale of $7,500,000 vs. the $817,500 low.

Sizing: On average, buyers paid $1,026 per square foot on a 2,146 square-foot residence. This pricing metric was up 6.7 percent in a year.

Market speed: 144 days, listing to escrow opened vs. 126 days a year ago and 223 days two years ago.

Compare…

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