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Port Streets Monthly Market Update: September 2023
Friends and Neighbors,
Our kids are back in school and it still feels like summer! Even in the housing market! With 5 homes in escrow and another 6 sold over the last two weeks, the market in the Port Streets is going strong. Even as interest rates are approaching 8%, buyers still want to be here and are coming from all over, especially LA and Northern California for the chance to raise their families here in Newport Beach.
There are some nuances to pricing and timing, in terms of the patterns we are seeing in today’s market. Please feel free to reach out to me any time for assistance or advice.
20 PORT STREET HOMES HAVE SOLD OVER THE PAST 6 MONTHS
· AVERAGE PRICE = $4.3M
· AVERAGE PRICE PER SQUARE FOOT = $1,358
· AVERAGE CUMULATIVE DAYS ON MARKET FOR THE SOLD PROPERTIES = 39 DAYS (or 29 including the off-markets)
· HIGHEST = $12M
· LOWEST = $2.53M
Port Streets Monthly Market Update: August 2023
Hello Friends and Neighbors,
Welcome to our last month of summer! Congrats to all of the Monster Milers!
We just closed a record sale in the Port Streets, a new construction at 1807 Port Charles for $1,700/ft and with multiple offers at asking price. This proves that buyers will pay top dollar for desirable homes that are completely turnkey.
We have a few urgent buyer needs and are looking for off-market matches for these well qualified clients in search of their next home.
Contact me for advice on how to best position your home for today’s Port Streets Buyer.
14 PORT STREET HOMES HAVE SOLD OVER THE PAST 6 MONTHS
· AVERAGE PRICE = $4.4M
· AVERAGE PRICE PER SQUARE FOOT = $1,352
· AVERAGE CUMULATIVE DAYS ON MARKET FOR THE SOLD PROPERTIES = 36 DAYS (or 23 including the off-markets)
· HIGHEST = $12M
· LOWEST = $2.6M
Port Streets Monthly Market Update: June 2023
Hello Friends and Neighbors,
Welcome to summer! Congratulations to all of the 2023 graduates! We just closed a record sale in the Port Streets, a new construction at 1807 Port Charles for $1,700/ft and with multiple offers at asking price. This proves that buyers will pay top dollar for desirable homes that are completely turnkey. We are still seeing high demand at the entry level as well.
We have a few urgent buyer needs and are looking for off-market matches for these well qualified clients in search of their next home.
Newport Beach Junior Lifeguards begins next week! Looking forward to seeing all of the JG’s on Balboa!
11 PORT STREET HOMES HAVE SOLD OVER THE PAST 6 MONTHS
· AVERAGE PRICE = $4.1M
· AVERAGE PRICE PER SQUARE FOOT = $1,231
· AVERAGE CUMULATIVE DAYS ON MARKET FOR THE SOLD PROPERTIES = 39 DAYS (or 28 including the off-markets)
· HIGHEST = $7.195M
· LOWEST = $2.6M
Port Streets Monthly Market Update: April 2023
Hello Friends and Neighbors,
We have found ourselves in a very interesting market lately. Very few anticipated that high rates would inhibit so many homeowners from listing their homes for sale. During the first three months of 2023 in Orange County, 45% fewer homes were placed on the market. Homeowners are staying put and “hunkering down” because of their locked-in, low, monthly fixed mortgage payment. As a result, the inventory has dwindled, and the housing market has heated up substantially since January.
At this point, the lack of home sellers impacts the housing market more than diminished demand, which explains the return of multiple offers and turnkey homes selling above asking. Where will the market go from here? It all depends upon mortgage rates.
Wishing everyone a Happy Easter and wonderful spring break.
9 PORT STREET HOMES HAVE SOLD OVER THE PAST 6 MONTHS
· AVERAGE PRICE = $4.5M
· AVERAGE PRICE PER SQUARE FOOT = $1,128
· AVERAGE CUMULATIVE DAYS ON MARKET FOR THE SOLD PROPERTIES = 47 DAYS (or 30 including the off-markets)
· HIGHEST = $6.8M
· LOWEST = $2.7M
Port Streets Monthly Market Update: March 2023
Hello Friends and Neighbors,
Spring is in the air! We are approaching the time of year when we begin to see a slight uptick in the number of homes coming on the market. The good news is home inventory is up 37% from this time last year, although it is still less than half of what it was three years ago at the start of the pandemic. With interest rates hovering around 7%, it is important for sellers to price homes accurately out of the gate.
The 49th annual CDM Home Tour last week was a big success, the Port Streets Phase 1 and Phase 2 swimteams are currently registering for summer swim, Newport Beach Junior Lifeguards try-outs are happening this month, and don’t forget to wear green this Friday!
11 PORT STREET HOMES HAVE SOLD OVER THE PAST 6 MONTHS
· AVERAGE PRICE = $4.5M
· AVERAGE PRICE PER SQUARE FOOT = $1,128
· AVERAGE CUMULATIVE DAYS ON MARKET FOR THE SOLD PROPERTIES = 47 DAYS (or 30 including the off-markets)
· HIGHEST = $6.8M
· LOWEST = $2.5M
Port Streets Monthly Market Update: February 2023
Hello Friends and Neighbors,
Save the date for the annual Surterre eWaste and Shredding event!
Saturday March 11th, 2023.
Goodwill and Proshred on site from 9am- 12pm.
Surterre Properties Parking Lot
1400 Newport Center Drive,
Newport Beach, CA 92260
Port Streets Summer Swim Team Sign-Ups Begin March 1st!
14 PORT STREET HOMES HAVE SOLD OVER THE PAST 6 MONTHS
· AVERAGE PRICE = $4.5M
· AVERAGE PRICE PER SQUARE FOOT = $1,241
· AVERAGE CUMULATIVE DAYS ON MARKET FOR THE SOLD PROPERTIES = 35 DAYS (or 21 including the off-markets)
· HIGHEST PRICE = $7.75M
· LOWEST PRICE = $2.5M
Port Streets Monthly Market Update: December 2022
Hello Friends and Neighbors,
Happy December!
Hope to see you all at the Christmas Tree Charity Event at the Phase 1 Clubhouse this Sunday! The event details are listed below. It’s a wonderful way for the kids to participate in giving back to the community through service.
· AVERAGE PRICE = $4.6M
· AVERAGE PRICE PER SQUARE FOOT = $1,262
· AVERAGE CUMULATIVE DAYS ON MARKET FOR THE SOLD PROPERTIES = 34 DAYS (or 21 including the off-markets)
· HIGHEST PRICE = $7.995M
· LOWEST PRICE = $2.5M
Port Streets Monthly Market Update: November 2022
Hello Friends and Neighbors,
Happy November (and day after Halloween!). We hope you are recovering from one of the Port Streets’ most legendary nights of the year! My kids know to save me a few Kit-Kats and Butterfingers ;).
Read on for the Port Streets monthly market update, and please do not hesitate to reach out to me any time for assistance or questions.
20 PORT STREET HOMES HAVE SOLD OVER THE PAST 6 MONTHS
· AVERAGE PRICE = $4.5M
· AVERAGE PRICE PER SQUARE FOOT = $1,258
· AVERAGE CUMULATIVE DAYS ON MARKET = 16
· HIGHEST PRICE = $7.995M
· LOWEST PRICE = $2.5M
Port Streets Monthly Market Update: October 2022
Hello Friends and Neighbors,
Happy Boo’ing season! 👻
27 PORT STREET HOMES HAVE SOLD OVER THE PAST 6 MONTHS
· AVERAGE PRICE = $4.3M
· AVERAGE PRICE PER SQUARE FOOT = $1,272
· AVERAGE CUMULATIVE DAYS ON MARKET = 14
· HIGHEST PRICE = $7.995M
· LOWEST PRICE = $2.675M
Port Streets Monthly Market Update: September 2022
Hello Friends and Neighbors,
Welcome back to school! We hope you had a fun and relaxing summer and are ready to get back into a routine! But first…Labor Day weekend. 🙂
On the real estate front, we saw a slight pause from some buyers and sellers over the summer as interest rates were quickly rising and some buyers decided to sit on the fence and see what happens. As it turns out, the market for turnkey homes in the Port Streets has been heating up. Our community remains highly desirable and inventory remains extremely low. The average price for a home in the Port Streets has continued to rise (see stats below), and we are continuing to see 30% of the homes in the Port Streets selling off-market.
Please contact me any time if I can assist you with a complimentary market analysis for your home. In the meantime, we wish everyone a happy Labor Day weekend!
26 PORT STREET HOMES HAVE SOLD OVER THE PAST 6 MONTHS
· AVERAGE PRICE = $4,300,000
· AVERAGE PRICE PER SQUARE FOOT = $1,294
· AVERAGE CUMULATIVE DAYS ON MARKET = 10
· HIGHEST PRICE = $7,995,000
· LOWEST PRICE = $2,675,000
Port Streets Monthly Market Update: August 2022
Hello friends and neighbors,
We cannot believe it is already August! For many of us, school starts again this month, and this week also marks the end of Newport Beach Junior Guards. Huge congratulations to all who completed the Monster Mile last week!
On the real estate front, inventory remains incredibly low with only 3 homes currently listed For Sale in the Port Streets (compare that to the 29 homes listed For Sale this same week of August pre-pandemic!). This is still good news for sellers, as competition remains very low, however, buyers are no longer willing to greatly overpay given interest rates have risen back up to more normal levels, and contractor pricing for homes that need work has been on the rise, so pricing your home correctly the first time is increasingly important.
Contact me any time, and we hope you enjoy your last few weeks of summer!
29 PORT STREET HOMES HAVE SOLD OVER THE PAST 6 MONTHS
· AVERAGE PRICE = $4.004M
· AVERAGE PRICE PER SQUARE FOOT = $1,284
· AVERAGE CUMULATIVE DAYS ON MARKET = 10
· HIGHEST PRICE = $7.995M
· LOWEST PRICE = $2.565M
Port Streets Monthly Market Update: July 2022
Hello friends and neighbors,
Summer is here!
Join us for some community fun at the Port of July Extravaganza! This is one of my favorite events of the year. The event is free to all and takes place on July 4th from 9 am – 1 pm at the Andersen Fields / Port Provence.
Hope everyone has a happy 4th!
Port Streets Monthly Market Update: May 2022
Hello friends and neighbors,
Swim team practice is in full swing in the Port Streets, the baseball fences are on the greenbelt, and loyal friends and colleagues have been keeping us very busy over the past month. We are so appreciative each time you refer our name and feel honored to serve this wonderful community. We currently have four Port Streets homes in Escrow (one of them is off-market), and one that we closed last week off-market.
Wishing all moms a peaceful Mother’s Day on Sunday!
19 PORT STREET HOMES HAVE SOLD OVER THE PAST 6 MONTHS
- AVERAGE PRICE = $3.9M
- AVERAGE PRICE PER SQUARE FOOT = $1,280
- AVERAGE CUMULATIVE DAYS ON MARKET = 19
- HIGHEST PRICE = $6.55M
- LOWEST PRICE = $2.64M
Port Streets Monthly Market Update: April 2022
Hello friends and neighbors,
Spring Break week is almost here! And with that, the spring market has been in full force here in our beloved community. We are finally starting to see a few more homes hit the market after a record low inventory winter with many weeks only showing 0, 1, or 2 homes on the market! As interest rates have slowly started to rise, currently around 4%, the extremely low supply of homes to purchase still leaves us in a very hot seller’s market.
Port Streets Monthly Market Update: March 2022
Hello friends and neighbors,
We hope everyone had a great Ski Week and is ready to hit the new month refreshed and renewed!
Phase I and Phase II summer swimteam registration begins today! Swim team is a great community builder here in the Port Streets, and is open to residents and non-residents. Please reply to this email if I can answer any questions regarding how to register for summer swimteam.
Housing has only grown hotter despite mortgage rates rising considerably since ringing in a New Year, indicating it will take further changes for the market to slow. If mortgage rates rise above 4% and remain elevated with staying power, then housing will finally slow a bit, shifting from an Insane Seller’s Market to a regular Hot Seller’s Market with longer market times.
As always, I am here to assist and appreciative of our wonderful community.”
