If you are wondering what the real estate market is doing check out the chart above. You can clearly see the peak was is July 2007. Since then it's continued to decline. Pricing in Newport Beach and Corona Del Mar had not been affected as much as other areas but we have definately seen a drop recently.
Not only have prices come way down but inventory is at it's peak. What does this mean for buyers? You have plenty of choices and it's time to negotiate a great price. If you are a seller, seriously look at the amount of inventory and price your home to sell quickly. The longer it sits on the market the lower the price you will get.
Take a look at all the active listings that have taken a price reduction. You do not want to be one of them. As a seller you want to be priced correctly from the beginning, after all that's when you will get the most exposure. If you have questions regarding Newport Beach Real Estate, Corona Del Mar Real Estate, or any question about Living On The Oc Coast feel free to contact me.