Newport Coast real estate market

The Newport Center Skyline in Newport Beach, C...
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The Newport Coast real estate market, which is quite closely connected to the larger trends of the Newport Beach and Orange County real estate markets, seemed to be relatively healthy despite retreating slightly from some earlier gains. According to a May 18, 2010 article from the Orange County Business Journal, “Orange County’s median home price edged down $2,000 in April from March, but still stands $50,000 higher than the prices seen here a year ago. The median price of a home sold here in April was $430,000, a less than 1% drop from a month earlier, according to San Diego-based MDA DataQuick, a unit of Canada’s MacDonald Dettwiler and Associates.” The article by Mark Mueller continued to say that “Median home prices are now about 13% higher than they were a year ago, but still are off nearly 33% from their highest level, seen in mid-2007.”

A May 18, 2010 article in the OC Metro provided a different perspective on the same set of statistics, pointing towards increases in the pending volume of Newport Coast homes for sale. According to this piece, “Orange County saw gains in its median home price and sales activity in April, compared to the same time last year, according to a new report from MDA DataQuick. The county’s median home price hit $430,000 last month, up 13 percent from $380,000 in April 2009.” The article by Kristen Schott continued to state that “Sales rose 11.6 percent in Orange County in April, compared to 2009. Buyers snapped up 2,669 homes in the period, up from about 2,391 at the same time last year. The number also rose slightly from March.”

Another indication of rising strength for the Newport Coast and Orange County real estate markets was mentioned in a May 24, 2010 article in the Orange County Register. This piece, composed by Jon Lansner, said that “Appraisers found price strength in central Orange County (+3.4%, year-over-year for April) and in southern and beach communities (+2.8%). Northern O.C. values were down 1.8% by the RERCSC math…Orange County was one of three SoCal counties showing year-over-year price gains, albeit small ones.”

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