Newport Beach CA homes Market Facts and Trends - September 2012 Report has established that Newport Beach CA homes For Sale are not governed by distressed sales like many other city and state Foreclosures.
Every market has experienced a decline in housing prices including homes in Newport Beach, CA. However, our coastal communities will continue to be a popular choice by investors because the Newport Beach Real Estate value is in the land closest to the ocean. "The higher you are the harder you fall" is true with the bargains that can be found on the waterfront. I believe there will always be a buyer for these luxury homes because history has proven that Newport Beach homes overall recovery rate is greater than most other areas.
Market Facts: Only 4.5% of the 324 Homes For Sale in Newport Beach are distressed: (5) REO and (10) Short Sales, Average List Price: $2,872,771, DOM: 135, 3 Bedrooms, 3,153 sqft,, $911 sqft.
Market Facts: Newport Beach CA home sales increased by 35% this quarter when comparing same quarter last year; 22% of the sold market was distressed which is a 5% drop from 1 year ago. However, REO sales increased almost 50% (20 REO vs. 12 REO) and Short Sales remained close to the same as last year (41 Short Sales vs. 43 Short Sales). In the past 3 months 31% of the distressed sales were cash buyers vs. 36% in same quarter last year.
Market Facts: Past 6 months: 533 homes Sold, 102 Avg. DOM - 22% Distressed (34) REO and (81) Short Sales, 30% of the distressed sales were cash buyers; Average Sold Price: $1,750,239, 4 Bedrooms, 2,740 sqft, $639 sqft.
Market Facts: Past 30 days: 94 homes Sold, 113 Avg. DOM - 18% Distressed (4) REO and (13) Short Sales, 41% of distressed sales were cash buyers; Average Sold Price: $1,573,263, 4 Bedrooms, 2,630 sqft, $598 sqft.
Market Trend: Agent Mary Lou has established the overall Newport Beach, CA homes sales market trend and has determined that it's a Seller's Market. The market direction is soft with 3.6 months Market Absorption Rate. The combination of low inventory, low interest rates and buyers desiring to purchase in the last quarter presents high potential of multiple offers.
Agent Mary Lou Skowronski, DRE#: 01398486, Coldwell Banker Platinum Properties is NABPOP Certified to give her Broker Price Opinion when assisting Banks, Asset Managers, Sellers and Buyers and establishing current fair market value. Data reference obtained from SoCal MLS. Like and Share this Newport Beach CA homes Market Facts and Trends blog post will be your encouragement for me to update this each month.