Newport Beach Real Estate: Summer Market Update
As a real estate professional, it is important to understand the correlation between key metrics in the market to provide valuable insights to both buyers and sellers.
The Months of Inventory is currently at 4.4, indicating a balanced market where and demand are relatively stable. However, the 12-Month Change in Months of Inventory has increased by 10.28%, suggesting a slight shift towards a more buyer-friendly market with slightly more inventory available.
Despite this increase in inventory, the Median Days Homes are On the Market is only 14 days, indicating that homes are selling quickly in this market. This could be attributed to the List to Sold Price Percentage of 98.1%, showing that homes are typically selling very close to their list price.
Additionally, the Median Sold Price of $3,225,000 reflects a high-end market where luxury properties are in demand. The combination of a relatively low inventory, quick sales, and high list to sold price percentage indicates a strong seller's market with potential for sellers to achieve favorable prices for their properties.
For buyers, this data suggests that competition may be stiff, and they may need to act quickly when a desirable property becomes available. For sellers, it highlights the importance of pricing their homes appropriately and working with a professional agent to maximize their sale price in a competitive market.
Overall, these metrics provide valuable insights into the current real estate market conditions, helping both buyers and sellers make informed decisions in their real estate transactions.
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