;

Newport Beach Short Sale Market Update | April, 2012

Newport Beach Short Sale Market Update | April, 2012

The Newport Beach real estate market has both short sales and  foreclosures. The definition of a short sale is when a bank or lien holder lender agrees to accept a discounted payoff on a loan balance as a result of  either economic or a financial hardship on the part of the mortgagor.

The  banks or lenders want fair market value for the property and will attempt to obtain the appropriate value of the home. A bank or lender may request more than one BPO (broker price opinion) and obtain independent appraisals.

Currently there are 16 active listings, 50 in back up status, 24 pending and there were 9 sales in April, 2012.

There is an average sales price over the past one year of $808, 870 and a price per square foot of $362.19.

Listings are down -13 since March, 2012 (trend is continuing this year with declining number of active listings)
Back Up is up +4 March, 2012
Pending sales are up +9 since March, 2012
Sales are up up +2 since March, 2012

There is a low absorption rate for short sales in Newport Beach. One month does not signify a trend, however the trend for absorption rate is declining from February, 2012. There is a two month trend of the absorption rate declining.

Search the MLS for Newport Beach short sales, and Newport Beach homes for sale.

[showcaseidx shortcode encountered an error]

Leave a Comment

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

ABOUT ME

Sharon Paxson is a full-time REALTOR® with EQTY | Forbes Global Properties and has been specializing in residential real estate throughout the Newport Beach area since 2005 assisting Buyer’s, Seller’s, Landlords, and Tenants with their real estate needs.

If you are thinking about buying, selling or renting your home, condo or other Real Estate in the following areas including Newport Beach, Newport Coast, Corona del Mar, Huntington Beach there are thousands of Realtors to choose from. However, it doesn't cost you any more to work with a top Newport Beach CA Realtor. We welcome the opportunity to show you how we get outstanding real estate results with specific and targeted marketing. If you are looking for a top real estate agent who will make a difference you have come to the right place. Use this real estate website to learn about communities and homes for sale.

REAL ESTATE BROKERAGE SERVICES

  • Newport Beach Homes for Sale/Sharon Paxson®
  • Newport Beach area buyers, sellers, renters
  • 1100 Newport Center Drive
    Newport Beach, CA 92660
  • 949-280-0681 | DRE 01501912

DISCLAIMER

DISCLAIMER: All information, photographs & content contained on this site is the property of Sharon Paxson. You must obtain written permission from Sharon Paxson if you would like to use any of this content contained herein. Opinions expressed are those of Sharon Paxson and may not necessarily be opinions of past and present brokers. Articles may be time and date sensitive. All statistical information utilized to create market reports has been obtained from the CRMLS. Information Deemed Reliable but not Guaranteed.

Copyright © 2024 Newport Beach Real Estate

Scroll to Top