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Balboa Island Homes for Sale in Newport Beach | Market Report

By
Real Estate Agent with Sharon Paxson, Realtor® EQTY Forbes Global Properties 01501912

Balboa Island Homes for Sale | Market Update | September, 2013

Balboa Island is viewed in the background, with the Balboa Peninsula located in front.

Balboa Island is a highly desirable area of Newport Beach. Balboa Island in Newport Beach consists of  three islands in Newport Beach and the islands include the main island, the little island and Collins Island. Collins Island in Newport Beach is a gated community and has only 8 homes located on it, and these homes on Collins Island have incredible views of Newport Harbor. Balboa Island is a highly desirable area of Newport Beach. Buyers move to Balboa Island because of the lifestyle. Balboa Island has unique charm, with close proximity to upscale shopping and dining in Newport Beach. And take the ferry across to the Balboa Peninsula to visit the beach.

In general, Balboa Island is showing a stable market trending towards a sellers market with the absorption rate. Currently the inventory is as follows for September, 2013. There are currently 16 active listings, 1 in back up, 2 pending sales, and 5 sold properties on Balboa Island.

The average sales price for the past one year is 2,519,587 and a price per square foot of $1,096.33 and a median price of $1,930,000 and a median price per square foot of $1,001,66. Both average and median prices were up from the prior month. The sales for the past one year were all standard with the exception of two short sales.

An usual sale at 117 Turquoise is being offered at  $449,000 for a 1/4 interest. Located just steps from the water this is a great deal for someone trying to own a property on Balboa Island.

The absorption rate is below, and the six month figure shows a seller's market, however the past three months there has been a decline in average number of sales per month.

Past months market reports below.

September, 2013
August, 2013
July, 2013
June, 2013
April, 2013
March, 2013
February, 2013
January, 2013
December, 2012
November, 2012
October, 2012
September, 2012
August, 2012
July, 2012
July, 2012
June, 2012
May, 2012
April, 2012

Search the MLS for Balboa Island homes for sale, and Newport Beach real estate for sale, and bayfront homes for sale in Newport Beach. Search for Balboa Island houses for sale.

Originally posted at NewportBeachRealEstateCafe.com

Posted by

Sharon Paxson REALTOR®
EQTY Forbes Global Properties
949.280.0681

DRE 01501912

 

 

 

 

 

 

 

 

 

 

Comments (2)

Kathy Schowe
California Lifestyle Realty - La Quinta, CA
La Quinta, California 760-333-8886

Wow, your price/sq. ft. is to be envied for sure. After spending some time on Balboa Island this summer I can understand.  It is a prime location with a perfect climate and a healthy, vital community!  K

Oct 14, 2013 01:42 PM
David Saks
Memphis, TN
Broker / Industry Analyst

Great info. Thank you for sharing. Hopes for your continued success.

Oct 14, 2013 09:09 PM