Newport Beach CA homes Market Facts and Trends - October 2012 Report continues to establish 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 4.2% of the 262 Homes For Sale in Newport Beach are distressed: (3) REO and (8) Short Sales, Average List Price: $2,381,287, DOM: 120, 3 Bedrooms, 2,841 sqft, $838 sqft.
Market Facts: Newport Beach CA home sales increased by 29% this quarter when comparing same quarter last year; 17% of the sold market was distressed compared to 30% distressed 1 year ago. REO sales stayed about the same (14 REO vs. 13 REO) and Short Sales decreased by 26% compared to last year (30 Short Sales vs. 49 Short Sales). In the past 3 months 39% of the total sales were cash buyers vs. 12% in same quarter last year.
Market Facts: Past 6 months: 556 homes Sold, 109 Avg. DOM, 19% Distressed (33) REO and (75) Short Sales, 35% of the total sales were Cash Buyers; average Sold Price: $1,509,566, 4 Bedrooms, 2,472 sqft, $611 sqft.
Market Facts: Past 30 days: 85 homes Sold, 112 Avg. DOM - 14% Distressed (5) REO and (7) Short Sales, 41% of the total sales were Cash Buyers; average Sold Price: $1,626,276, 3 Bedrooms, 2,325 sqft, $638 sqft.
Market Trend: Agent Mary Lou Skowronski 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 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.
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