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

by Sharon Paxson on December 26, 2012 · 0 comments

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 2 active listings, 0 in back up status, 4 in pending status, and 2 sales.

The average sales price over the past one year is $713,388 with a price per square foot of $390.00. T\

The highest priced Newport Beach REO home sold this past year was $2,030,000 (time frame from November 30, 2011 to November, 30, 2012).

Comparison from prior month is below.

2 active listings compared to 0 active in October, 2012 – up +2
0 back up listing compared to 0 back up in October, 2012 – the same
4 pending listings compared to 7 pending in October, 2012 – down -3
2 sold listings compared to 6 sold in October, 2012 – down -4

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 decrease in inventory.

Newport Beach REO Market Update

Past month’s market reports:

November, 2012
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.

See all Newport Beach REO Property for Sale.
(all data current as of 4/18/2014)

  1. 5 beds, 3 full baths
    Home size: 7,000 sq ft
    Lot size: 14,375 sqft
    Year built: 1973
    Parking spots: 6
    Days on market: 55

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

Sharon Paxson

I write about my passion of living the SoCal lifestyle in beautiful Newport Beach. I like to write about the local events, beaches, restaurants, and real estate updates in the area. Call or text me - 949.280.0681

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