Bartos notes that data from the multiple listing service (MLS) shows single-family homes in Newport Beach, including Corona del Mar and Newport Coast, sold after 125 days on the market. By comparison, in Laguna Beach detached homes averaged 144 days on the market before selling.
"In Newport Beach," he added, "if we were to exclude the areas of Corona Del Mar and Newport Coast, the disparity is even higher with Newport homes selling in 115 days on average."
But compare Newport and Laguna with the statewide median, and even when those luxury to ultra-luxury markets of Corona Del Mar and Newport Coast are taken out of the equation, the time it takes to sell homes in both communities lags statewide numbers for July. The median number of days it took to sell a single-family home in California was 52.1 days in July, compared with 42.4 days for the same period a year ago, according to data released this week by the California Assn. of Realtors.
The average time on the market was 96 days for Orange County in July, according to MLS data. The average was 78 days for Los Angeles County.
A variety of factors affect the time on the market for a home, experts say, but chief among them appears to be price. Simply put, there are fewer buyers for high-priced properties than there are for more affordable properties.