Blog: CDM Real Estate Sales Hit 7-Year High

Newport Beach area real estate, and Corona del Mar home sales hit their highest level for a November in seven years, soaring 25 percent over last year’s sales pace.

Parker Group Real Estate
Parker Group Real Estate

Newport Beach area real sstate, and Corona del Mar home sales hit their highest level for a November in seven years, soaring 25 percent over last year’s sales pace. Home prices, meanwhile, hit a five-year high for a November, rising 12 percent from 2011. The median Orange County home price, however, dipped slightly last month — to $450,000 in November versus $455,000 the previous month. Foreclosures dwindled. Competition for a limited supply of homes remained fierce. People in the Newport Beach and Corona del Mar Real Estate Market are competing with all cash offers. In the Corona del Mar Real Estate market you may find yourself up against buyers “with more money, bigger down payments, and people with a better credit number.” Despite financing obstacles, Newport Beach & Corona del Mar real estate buyers still pushed sales to record levels this November. OC homeowners closed 2,800 home sales last month. That’s up 25 percent from 2,300 in November 2011 and the highest number of homes sold since November 2005. The median Orange County home sales price increased to $450,000, vs. $400,000 in November 2011. It was the seventh consecutive year-over-year price gain. Record-low interest rates and a shrinking supply of listings helped drive up home sales over year-ago levels for a 10th consecutive month, for Newport Beach real estate. Also, Newport beach area real estate listings now offer a reduced supply of distressed, bargain-priced homes that had been holding prices back previously. Lenders also are seizing dramatically fewer homes in the area. Orange County foreclosures fell last month to 271 units, below 300 a month for the first time since May 2007. That means fewer homes enter the foreclosure pipeline as lenders divert distressed properties into loan modifications or sales “short” of the amount needed to pay off the mortgage. At the same time, more higher-priced homes in Newport Beach and Corona del mar are starting to sell, changing the mix of properties changing hands and boosting the median price. Newport Beach and Corona del Mar area real estate buyers are forced to pick from higher-priced properties as the inventory of listings shrinks. With low inventory and prices increasing,we may be seeing an upturn in the marketplace, slowly but surely … signs of a seller’s real estate market in Newport Beach? We’re seeing a surge in quality buyers, actual buyers that have the means to make an offer and close escrow-it’s a really positive sign for Newport Beach area real estate! www.ParkerGroupRealEstate.com

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