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.
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.
Past month’s market reports:
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