Corona Del Mar and Newport Coast Real Estate

Seems like only Yesterday I was writing about what 2009 would bring for the Real EstateMarket. I think I was pretty close. I anticipated some more weakness early on, and then prices firming up through Summer. I felt things would hold stable at the low price levels, and that things would start to show signs of life later in the year. Well, as the year is now coming to a close, 3rd quarter sales volume has increased here in Corona Del Mar and Newport Coast, inventory is slightly down and prices are holding firm. Decent signs that the worst is maybe over, and that some sense of safety has returned to Real Estate. There are still great deals being made and many amazing properties still for sale. Interest rates continue to hold at record levels. The job market is still a major concern, and overall economic conditions still have a long way to go to get back to normal. Overall, I still feel this is a great time to buy Real Estate... and as I seem to say a lot... especially in Corona Del Mar and Newport Coast... who wouldn't want to live here??

As we look to how 2010 might shape up, here is a report from California Association of REALTORS:

California House Prices Forecast to Rise in 2010, Realtors Say

This week, the CALIFORNIA ASSOCIATION OF REALTORS^® released its annual housing forecast.  C.A.R.'s annual housing forecast details what consumers, REALTORS^®, and the real estate industry can expect to happen next year in terms of median prices and existing home sales.  C.A.R.'s forecast is closely followed by the news media, and the Association's leadership and economists often are called upon to discuss the forecast. This year, coverage by the news media produced nearly 200 newspaper articles, Web stories, and blog entries, in addition to extensive television and radio coverage. The 2010 California Housing Market Forecast was presented Wednesday at CALIFORNIA REALTOR^® EXPO 2009 in San Jose. 

MAKING SENSE OF THE STORY FOR CONSUMERS

The median home price in California is expected to rise 3.3 percent to $280,000 in 2010 compared with a projected median of $271,000 this year, according to the forecast. Sales for 2010 are projected to decrease 2.3 percent to 527,500 units, compared with 540,000 units (projected) in 2009.

"After experiencing its sharpest decline in history, we expect the median price to rise modestly next year," said C.A.R. President James Liptak. "2010 will mark the beginning of the 'new normal' for California's housing market. This 'new normal' likely will feature a steady stream of sales driven by distressed properties in the low end of the market, coupled with moderate home-price appreciation."

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