Newport Beach Market Report for January 2017. January Home sales in Newport Beach were at 65, up 6.6% from 61 sales a year ago in January of 2016. Thats -11.0% lower than the 73 sales last month. January 2017 sales were at their highest level compared to January of 2016 and 2015. January Year to Date sales at 65 are running 6.6% ahead of last year’s YTD sales of 61.
Newport Beach Median Sales Price
The Median Sales Price for January in Newport Beach Market Report was $1,550,000, down -4.6% from $1,625,000 in January of 2016 and down -16.2% from $1,850,000 last month. Furthermore, the Average Sales Price in January was $2,071,287, down -4.3% from $2,165,041 in January of 2016. So, that’s down -16.0% from $2,466,093 last month. January 2017 Average Sale Price was at a mid-range compared to January of 2016 and 2015.
Market Report Total Inventory
The Total Inventory of Newport Beach Homes for sale as of January was 313. So, that’s up 17.2% from 267 last month and up 13.0% from 277 in January of last year. In addition, January 2017 Inventory was at highest level compared to January of 2016 and 2015.
A lower Months’ Supply of Inventory is more beneficial for sellers. A higher MSI is better for buyers. The January 2017 MSI of 4.8 months was at a mid-range compared with January of 2016 and 2015.
Market Report Days on Market
The average Days On Market or (DOM) shows how many days the average Property is on the Market before it sells. So, an upward trend in DOM tends to indicate a move towards more of a Buyer’s market. A downward trend a move towards more of a Seller’s market. The DOM for Newport Beach homes for January was 82. So, that is up 5.1% from 78 days last month and up 28.1% from 64 days in January of last year. The January 2017 DOM was at its highest level compared with January of 2016 and 2015.
Average Price Per Sq.ft
The Selling Price per Square Foot indicates the direction of Property values. The Median Sales Price and Average Sales price can be impacted by the ‘mix’ of high or low end Properties in the market. So the selling price per square foot is a more normalized indicator on the direction of Property values. The January 2017 Selling Price per Square Foot of $856 was up 4.3% from $821 last month.
Sold vs. List Price
The Selling Price vs Listing Price shows the average amount that Sellers are agreeing to come down from their list price. The lower the ratio is below 100% the more of a Buyer’s market exists. A ratio at or above 100% indicates more of a Seller’s market. The January 2017 Selling Price vs List Price of 94.1% was up from 92.0% last month and up from 93.6% in January of last year.
Inventory vs. New Listings and Sales
This last view of the market combines monthly inventory of Properties for sale along with New Listings and Sales. The graph shows the basic annual seasonality of the Newport Beach real estate market. The number of New Listings in January 2017 was 115, up 167.4% from 43 last month and up 10.6% from 104 in January of last year.