Villa Real Estate, one of Orange County’s leading luxury real estate firms, has unveiled the Villa Home Price Index (VHPI), a quarterly index focused on tracking home prices in key neighborhoods of Orange County’s luxury residential market.
“Our goal is to provide a graphical representation for home prices in specific Orange County luxury markets to illustrate where home prices have been, where they are today and where they may be going in the future,” says Dave Girling, a Villa agent and real estate economist who helped spearhead the VHPI with Villa founder and President Steve High.
The VHPI tracks single family detached housing prices since 1998 in select neighborhoods where Villa Real Estate is actively representing buyers and sellers of residential real estate properties. The index provides a look at real estate values on a micro level, focusing on Newport Beach, Newport Coast, Corona Del Mar, Laguna Beach and Eastside Costa Mesa.
“The VHPI is a tool that enables both buyers and sellers to better understand Orange County’s unique coastal real estate market, and to make more informed decisions,” says High.
The VHPI will be released on a quarterly basis and is accessible on our website, www.villarealestate.com, as well as through Villa agents.
Q1 VHPI Results
The weighted average sales price for a home in Newport Beach, Newport Coast and Corona Del Mar was $3,349,107, flat from the previous quarter and up 10.53% year over year.
In Newport Beach (92660, 92661, 92662 and 92663), the average sales price for a home was $2,969,463, up 6.76% from the previous quarter and up 10% year over year.
“These numbers reflect a continued strong coastal market in Orange County,” said Girling. “Double digit price increases over last year suggest that these coastal communities remain in high demand and are proving to be good investment properties.”
For additional information, please contact your Villa agent.