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NEWPORT COAST HOME SALES FORECAST 2016

NEWPORT COAST LOCAL REAL ESTATE MARKET/FORECAST (8/15/15)

Our local Newport Coast residential sales market continues trending the same as last

year. In May 1, 2014 to August 9, 2014, 93 homes sold with 50 of these homes selling

within 60 days. In May 1, 2015 to August 9, 2015, 98 homes sold with 43 of these

homes selling within 60 days. Home sales prices rose on average to approximately

$200,000 from January 2014 to August 9, 2015. This was an increase on average

approximately $100 per square foot. This increase was taken from St. Michel, Tesoro,

Montserrat, Rivage, Pacific Ridge and Pelican Crest communities in Newport Coast.

(This analysis is based on my knowledge of these homes and comparing like for like properties

such as square footage, views and premium lots. Data for analysis is from the CRMLS)

FORECAST:

The number of sales by month compared to last year will continue the same pattern

as 2014. The highest inventory of homes is now through September. Some sellers

want to capture a sale before the end of summer and the start of the school year

resulting in a decrease in asking prices. Again, this was the same pattern in 2014. .As

the market slows down in real estate activity starting in November through the holiday

season, home prices will continue to stabilize with a slight increase in February 2016.

Economics 101 always goes back to consumer confidence. It is strong. My

anecdotal data seems to support that many more friends in Newport Coast took

longer and/or more expensive vacations this year. There may be an impact of the

projected increase in interest rates lowering the buyer pool and stabilizing housing

prices. However, Newport Coast is a desired community for investors worldwide

which will help counter the impact of higher interest rates.

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