To the south of Los Angeles, in the city of Newport Beach, lies the seaside neighborhood of Corona del Mar, whose name fittingly translates into the “Crown of the Sea.” Framed by grassy cliffs and serene, picturesque coves, Corona del Mar is a highly coveted jewel of a neighborhood. It offers breathtaking scenic views of the deep blue sea and plenty of luxurious homes for anyone in search of their own little piece of paradise.
For any buyer interested in Corona del Mar real estate, it’s crucial to stay updated on how the housing market currently fares. This guide examines the housing market according to the most recent monthly report from the California Association of Realtors, based on data and trends collected throughout August 2022. Many of these reports include data from every neighborhood in Newport Beach, not just Corona del Mar, but they provide a better understanding of the current state of the market within the area.
Median sold price
According to the CAR’s August 2022 buyer’s guide for Newport Beach, the median price depends largely on the size and number of bedrooms in the home.
- One-and two-bedroom homes had a median price of $2 to $2.70 million.
- The median price of three-bedroom homes was $3.68 million.
- Homes with four bedrooms or more had a median price of $5.95 million, a considerably larger number than the other options given that this factors in high-end homes and mansions as well.
Of these homes, only 32% sold for less than the listed price, and 21% sold for more. The remaining 47% sold for the exact value originally listed.
Overall, the median price of single-family homes in Newport Beach was $3.74 million as of August 2022. The real estate scene in the area is competitive and highly sought-after, with prices in Corona del Mar real estate trending even higher than in Newport Beach as a whole. In fact, homes within the neighborhood sold for a median price of $4.795 million as of September 2022.
The most extravagantly upscale properties in Corona del Mar are listed from $10 million all the way up to just under $30 million. Built with sophistication and splendor in mind, these properties are custom-designed to showcase all the modern amenities imaginable. With stunning ocean views, private yacht piers, grand entrance doors, floating staircases, heated patios, infinity pools, elevators, wrap-around balconies, rooftop lounges, thousands of square footage, and more, these homes are the absolute epitome of elegance and luxury.
Number of homes for sale
Photo courtesy of Summer Perry Group
Housing inventory is incredibly important. The fewer homes there are to accommodate the number of buyers, the more competitive the market becomes. On the reverse, a surplus of homes typically leads to better deals and negotiations for buyers.
In the city of Newport Beach, there were 265 active listings as of August 2022. Broken down by the number of bedrooms:
- Only three listed homes are one-bedroom properties.
- There are 35 active listings for two-bedroom homes.
- For three-bedroom homes, there are 74 listings on the market.
- Properties with four or more bedrooms dominate the number with 153 listings,
These limited options contribute to the region’s status as a seller’s market. There aren’t enough homes to match the demand, leading to higher prices and the increased likelihood of a bidding war among buyers.
Time on the market
Evaluating the median number of days on the market allows buyers and sellers to gauge how quickly homes are selling, which helps them determine the level of urgency when making offers and negotiating on a property. Homes for sale in Newport Beach spend a median of 20 days on the market, suggesting that there is a steady competition among buyers. With homes selling quickly, inventory is due to run out soon.
Multiple factors affect the sale time. Home tours and inspections, the number of buyers bidding on the same property, negotiations between buyers and sellers, and even the skill of the real estate agents participating in a transaction all affect the time it takes to buy – or sell – a home.
Selling season
The best time to sell Corona del Mar real estate is in late spring to early summer, preferably in May, when the warmer weather has begun to settle in and the days have grown longer. The real estate market experiences the most traffic and engagement from late May to August, and many sellers will put up their listings during these months. This time period accounts for 40% of the sales throughout the year. There is a large selection of properties available, but since demand is higher during this time, buyers may expect fierce competition.
On the other hand, the fall and winter see significantly less competition and a smaller selection of homes to browse. This may be the most opportune time for buyers looking to achieve the best deal on a new property, although they will have fewer homes available to view. Homeowners who sell during these seasons typically do so out of necessity, so if you only care to receive the best deal and don’t mind a limited inventory, consider buying during the cooler months.
Other resources
If you would like to consult other resources, the California Association of Realtors provides everything you need to know about real estate, including the importance of finding a trustworthy real estate agent and accurate reports on local housing markets and trends. They offer interactive and shareable reports, housing market forecasts, and even housing podcasts if you’re interested in expanding your knowledge of all things real estate.
You’ll also want to consult an experienced real estate professional familiar with the Corona del Mar housing market. Agents have exclusive access to special tools and resources that ultimately benefit their clients, making them essential to any home buying or selling endeavor.
When you’re ready to find success, reach out to the Summer Perry Group, a team of talented, reputable agents who are committed to providing exceptional customer service to all of their clients. Whether you’re looking to buy, rent, or sell, the Summer Perry Group is geared to aim for and achieve the excellence you deserve. Connect with an agent on the team as soon as possible to start your journey!
*Header photo courtesy of Unsplash
