Here are the latest numbers as of the end-of January 2024. Because each month can vary widely with a small sample size, these totals are a 3-month rolling average through January 2024 (Nov/Dec/Jan). Percentage changes are compared year-over-year.
Median Home Sale Price
Newport Beach: $3,185,000 | +18.0%
Laguna Beach: $2,905,000 | +6.6%
Corona del Mar: $3,997,500 | +8.0%
New Listings
Newport Beach: 175 | +10.1%
Laguna Beach: 90 | +15.4%
Corona del Mar: 70 | +37.3%
Active Listings
Newport Beach: 168 | -10.6%
Laguna Beach: 138 | +13.1%
Corona del Mar: 81 | -2.4%
Pending Sales
Newport Beach: 104 | +10.6%
Laguna Beach: 44 | +7.3%
Corona del Mar: 44 | +25.7%
Closed Sales
Newport Beach: 118 | +29.7%
Laguna Beach: 57 | +26.7%
Corona del Mar: 44 | -2.2%
Days on Market
Newport Beach: 27 | 0.0%
Laguna Beach: 44 | +29.4%
Corona del Mar: 27 | -30.8%
Months Supply of Listings
Newport Beach: 3.4 | -2.9%
Laguna Beach: 6.3 | +31.3%
Corona del Mar: 5.0 | +28.2%
All data is from the California Regional Multiple Listing Service, INC.
What insights into OC luxury real estate can we take from the data above?
Prices Rising
Although supply and demand varies, Newport Beach, Laguna Beach, and Corona del Mar are seeing homes sell for higher prices than this time last year. This suggests that buyers are well-funded and confident about the future.
More New Listings
It’s not just buyers who are optimistic: new listings are also up across the board. Sellers are getting off the fence to make their move. This is a great sign for an Orange County market continually defined by tight supply.
Demand Still Outweighs Supply
Even though we are seeing more new listings hit the market, in many cases the increased pace of sales has gobbled up any potential increase in active listings. (Of the three cities, only Laguna Beach had more homes on the market this January than last year.)
Pace of Sales a Mixed Bag
Corona del Mar saw the greatest increase in speed of sale, with sellers accepting an offer more than 30% faster than last year, spending an average of less than four weeks on the market. Sales in Newport Beach were similarly quick but unchanged from last year. Laguna Beach was the outlier with a nearly 30% increase in days-on-market, also reflected in the city’s growing number of active listings. However, these numbers fluctuate wildly, and Laguna Beach is currently trending faster with a median offer accepted in just 32 days this January.
As we look ahead, two major factors stand out: the influence of financial markets and mortgage rates on the luxury real estate sector in Orange County.
With stock prices currently soaring near record highs, it’s no big surprise that luxury home buyers are willing to spend more today for the home they want.
Mortgage rates, however, remain elevated for the moment. While analysts still predict a gradual decrease in rates this year, recent jobs and inflation reports have pointed at rates staying a bit higher for a bit longer. While the Fed maintains a conservative approach, there’s a lot of activity waiting in the wings.
The Coastal Orange County luxury real estate market continues to exhibit strength and resilience, characterized by rising prices, an increase in new listings, and a competitive pace of sales.
As we monitor the complexities of financial markets and mortgage rates, The Stavros Group, led by Andy Stavros, remains a trusted partner in achieving your real estate goals. With our commitment to excellence and a deep understanding of the Orange County luxury market, we are here to offer you personalized, expert guidance.
For more insights and to stay ahead in the luxury real estate market, we invite you to connect with us. Let’s explore the opportunities that await in Newport Beach, Laguna Beach, and Corona del Mar together. Your dream property could be just a conversation away.
Andy Stavros
DRE #: 01408840
Phone: 949.290.0139
Email: andy.stavros@elliman.com
12 Corporate Plaza #250, Newport Beach, CA 92660
