Southern California has long been famous for its high-priced real estate, and the heart of that market lies in Orange County. Further, Newport Beach could arguably take the distinction of being the most exclusive and high-priced market within Orange County so the trends of its real estate market can give onlookers important signs and clues about the area.
However, because many of the Newport Beach homes for sale are so expensive, the market caters to a different clientele than most and can tend to be quite insular. This must be taken into consideration, as those who can afford $5 million homes are not necessarily representative of the region as a whole.
In a three-week period ended Feb. 16, real estate tracking by DataQuick quoted in the Orange County Register showed that the four Zip codes in Newport Beach showed mostly positive signs for the Newport Beach real estate market. Median prices ranged from $1 million to almost $5 million, and all four Zip codes’ mean prices had increased since the same period of last year.
Sales volume showed mostly positive signs as well, with activity up in all but one Zip Code. The two most active areas had 19 and 16 sales, respectively, increases of 26.7% and 60%. In January 2010, two Zip codes showed zero increases year-over-year in sales volume. In the month of January, one Zip code saw a decline in median prices year-over-year, which was evidently compensated for in February.