Newport Beach REO Homes for Sale | Market Update | October, 2012

REO Property for Sale in Newport Beach | Bank Owned Homes for Sale in Newport Beach

Newport Beach REO home buyers face the challenge of competing with multiple offers on the properties. This is not only happening with REO property but with traditional sales as well.  Also, Newport Beach REO  or bank owned home buyers are competing with cash buyers when making an offer on the home.

Bayshores in Newport Beach

Newport Beach currently has an inventory of REO or bank owned homes. Currently there are 0 active listings, 0 in back up status, 7 in pending status, and 6 sales.

The average sales price over the past one year is $714,537 with a price per square foot of $390.26. This is an increase over last month.

The highest priced Newport Beach REO home sold this past year was $2,030,000 (time frame from October 31, 2011 to October 31, 2012).

Comparison from prior month is below.

0 active listings compared to 4 active in September, 2012 – down-4
0 back up listing compared to 1 back up in September, 2012 – down -1
7 pending listings compared to 5 pending in September, 2012 – up +2
6 sold listings compared to 3 sold in September, 2012 – up +3

There is a low absorption rate  of the REO property, especially now since there are zero active REO properties for sale. Keep in mind banks will want fair market value and go to great lengths to obtain that value, including obtaining several BPO (broker price opinions) and appraisals.

Market absorption rate is declining with the increase of sales in August.

Past month’s market reports:

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

Search the MLS for Newport Beach REO property, and Newport Beach homes for sale.

  1. 3 beds, 1 full, 1 part baths
    Home size: 1,700 sq ft
    Lot size: 3,485 sqft
    Year built: 1946
    Parking spots: 2
    Days on market: 542

See all Newport Beach REO Property for Sale.
(all data current as of 8/31/2015)

Listing information deemed reliable but not guaranteed. Read full disclaimer.

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