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Uncategorized • April 1, 2024

Market Update-Q1 2024

by Kristina Heimstaedt

I like to look at data quarter by quarter especially when we have had few transactions and we expect low transaction rates to continue. As a whole, we’ve had continued price growth. Corona del Mar had 3 sales in Q4 that were all over 20 million and those sales slightly skewed the data. I don’t think this reflects a major correction there by any means. Our demand continues to outpace demand and continues to drive pricing.

 

The fed has given us hope regarding rates expected to come down. For most borrowers, rates have already begun to come down from their highs just before Thanksgiving. Lower rates make it easier for buyers to purchase property either being able to afford more home or have a lower mortgage rate.

 

Newport Beach

Current

Average Sale Price: $4,320,381

Number of Sales: 128

Active: 152

Average List Price: $5,015,156

 

Last Quarter

Average Sale Price: $3,420,690

Number of Sales: 139

 

Corona Del Mar

Current

Average Sale Price: $4,536,823

Number of Sales: 61

Active: 50

Average List Price: $4,224,095

 

Last Quarter

Average Sale Price: $5,892,302

Number of Sales: 43

 

Laguna Beach

Current

Average Sale Price: $3,972,620

Number of Sales: 59

Active: 114

Average List Price: $4,267,053

 

Last Quarter:

Average Sale Price: $3,818,749

Number of Sales: 57

 

Costa Mesa

Current

Average Sale Price: $1,438,877

Number of Sales: 119

Active: 39

Average List Price: $1,517,695

 

Last Quarter

Average Sale Price: $1,351,174

Number of Sales: 109

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