LAGUNA BEACH COAST
Crystal Cove State Beach
July, 2020- Newport area housing market on the rise
Below are previous market updates. Today the number of homes sold in the Newport Beach area has dramatically gone up and the days on market have been shorter. The slow down in April and May from the Corona Virus Pandemic cauzed a slow down in April and May. Now for June and July there is pent up demand from the previous slow down. There is also a lower than usual supply of homes and interest rates are still low.
Below is last years market update. Today the real estate market has come to a slow down because of the Corona Virus Pandemic. The real estate market through ingenuity and strongholds is reinventing how we can help our clients to buy, rent, sell and lease homes. There is a strain on available funds for buyers and sellers to enter transactions but this economic slow down will not last long. Why?
1) Sellers and Landlords are keeping their offer prices stable and inventory is low.
2) The government has pumped money into the economy and is working together with private businesses to combat this crisis.
3) Small businesses the back bone of our economy are coming up with ways to deliver services and adding new products to their services. Entrepreneurs are re-creating themselves.
4) History repeats itself. The American Economy has had struggles in the past and the American People prevail!
After a slow start in January 2019, the real estate market is starting to pick up. Throughout the California Coast there has been a record of new homes and newly remodeled homes for the City of Newport Beach and the surrounding coastal communities. Sellers must keep this in mind when pricing their home. If you are thinking of selling now! Historically, May is a good month and then real estate sales slow down after June and in a election year which is coming up in 2020.