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NEWPORT BEACH, CA, UNITED STATES, November 30, 2020 /EINPresswire.com/ -- How about neither. The impact of Covid-19 is causing a massive increase in demand for homes in Orange County, especially in the Newport Beach real estate market. Many regard Orange County’s coastal cities as cleaner, safer and more attractive than its counterparts in Los Angeles.
Is Newport Beach the new Beverly Hills?
When comparing key real estate industry metrics, you can see how Newport Beach has become the new Beverly Hills of Orange County. The real estate market in Newport Beach includes Newport Coast homes for sale and Corona del Mar homes for sale, sometimes referred to as adjacent communities within Newport Beach.
Key Metric Beverly Hills Newport Beach
Days on Market: 105 Beverly Hills, 83 Newport Beach
Average Price per Square Foot: $1,052 Beverly Hills, $1,080 Newport Beach
Active Listings: 324 Beverly Hills, 431 Newport Beach
Homes In Escrow: 39 Beverly Hills, 167 Newport Beach
Sold over past 30 days: 36 Beverly Hills, 140 Newport Beach
Months of Inventory: 9 Beverly Hills, 3 Newport Beach
In every category, Newport Beach surpasses Beverly Hills. If you consider the beautiful beaches and gorgeous views, you can understand why Newport Beach is finally being recognized as one of the world’s greatest destinations to live and work.
One other key benefit of living in Newport Beach is the community is very, very safe. While homes in Beverly Hills may have high security (gates, guards, etc., Newport Beach has these too), the city is surrounded by higher crime areas such as Hollywood, Santa Monica, Culver City, and Los Angeles. Newport Beach is surrounded by Costa Mesa, Irvine (Safest City over 250,000 in America), and Laguna Beach.
Some of the most notable attractions in Newport Beach are Pelican Hill Resort and Golf Club, Fashion Island Mall, Crystal Cove State Park and the Newport Beach Harbor.
The luxury market continues to show strength with the highest ever sales prices being recorded. In October, 15 Del Mar in Newport Coast sold for $61,000,000. It is an 18,717 square foot home on a 39,184 square foot lot. That is $3,259 per square foot…well above the average of $1,080.
We have successfully found homes for our clients through our private network of professional agents, as well as our own inventory. More than ever, today’s hyper competitive market requires the skills of an experienced agent.
For more information about Newport Beach homes and the Newport Beach real estate expert, visit us at www.trivistarealestate.com.
TriVista Real Estate is a team with Compass lead by industry veteran, Tim Robertson, DRE#01413500. TriVista Real Estate can be reached at (949) 436-7050 or firstname.lastname@example.org.
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Our Newport Beach Market News is distributed nationally. Our approach is to roll out a series of informational pieces to help home buyers and home sellers in Newport Beach educate themselves on the home buying or selling process. To find out more information please contact us.
Let’s begin with the obvious. Higher unemployment (usually above 13%) leads to lower home prices. It makes sense because we see more people unable to afford homes, higher foreclosures, and less people able to purchase new homes. And, inflation is defined as a general increase in prices and fall in the purchasing power of money.
Let’s examine two different home markets.
New York City, NY Unemployment Rate (October, 2020) = 13.2%
Newport Beach, CA Unemployment Rate (October, 2020) = 6.6%
As unemployment rises across the country, we see unemployment rise by more percentage points in New York City compared to Newport Beach. We also see home prices have flatten (some may even suggest depreciated) in New York City, while Newport Beach continues to see price appreciation.
There is a strong correlation between inflation and house prices (typically, housing prices trail inflation). In particular, you will see periods of inflation are followed by increasing periods of price appreciation especially for homes in Newport Beach.
The real losers here will be banks who finance loans at 2-3% if inflation pushes higher than 4%, so expect to see their lending rates creep up to combat inflationary pressures.
For the charts, Home Values are year over year change in percentage, based on data from Zillow. Unemployment numbers are from the Bureau of Labor and Statistics.
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