Mary’s Real Estate Blog

For those of you following real estate in the Newport Coast area these statistics might be of interest. Many zips are experiencing declines in median prices but this coastal area seems to defy the trend.

• Just two of O.C.’s 83 ZIP codes — Buena Park 90620 and Newport Beach 92662– reported sales above the January-to-June period in 2007.Pricing was equally challenged this year vs. ‘07.
• Only four of 83 ZIPs — Corona del Mar 92625, Laguna Beach 92651, Newport Coast 92657 and Newport Beach 92662 — had first-half gains in their median selling price.

As has been reported in the past this area has been relatively unaffected by what is happening in the rest of the county and indeed the state! 

Have a safe and happy Independence Day!

The following information reflects real estate activity in Orange County, as reported in the SoCal MLS 06/27/2008:
OC sales reported to the MLS in the past week were over 1000 for the 7th consecutive week, compared to 671 for the same week last year. Inventory is at its lowest level since the end of February. Inventory typically rises through spring and summer, then peaks in late summer and early fall. This year, inventory has remained relatively stable, to this point of the year inventory peaked in mid-March and has declined slowly since then. Current inventory is actually less than it was the last week of December of last year. Compare that to 2007 when the inventory increased by 6000 homes from December of 2006 to the end of August 2007.
Current Market hotspots: Short sales and REO sales currently account for nearly 50% (49.68%) of the pending sales and about 37% of the current listings.