Newport Coast Real Estate

Orange County is notorious for having some of the highest-priced real estate in Southern California, which is, in turn, notorious for having some of the highest-priced real estate in America. The U.S. housing crisis caused prices of Newport Coast homes for sale to plummet, and the repercussions are still being felt almost two years after the crisis began.

The statistics for the city show that the Newport Coast real estate market has continued to show signs of improvement in the first few months of this year. According to DataQuick Information Systems, Newport Coast in the month of January saw a median price of $1.7 million, an increase of 5.6% year-over-year. The month’s sales activity consisted of nine sales, a decrease in volume of 10% from January 2009.

Sales activity seemed to pick back up in the first few weeks of February. According to the Orange County Register, which quotes DataQuick statistics of three-week periods, in the most recent period, ended Feb. 16, there were 16 homes sold in Newport Coast, a rise of 60% from the same period in 2009. However, the median price of sales of homes during the period was just over $1.5 million, down 5.5% from the same period one year earlier.

The greater area of Orange County seems to have statistics mirroring those of Newport Coast. In January, according to the OC Register, the county’s home sales generated $934 million, up almost 21% from the same period in 2009, when sales accounted for just $717 million. Though this figure was an increase from 2009, it was still below the January average of the past five years, which was $1.1 billion.