Newport Beach Short Sale Market Update | January, 2013

Newport Beach Short Sales | Market Update | January, 2013

The Newport Beach real estate market has both short sales and  foreclosures. The definition of a short sale is when a lien holder or bank 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  lenders or banks will attempt to obtain fair market value for the property. A bank or lender may request more than one BPO (broker price opinion) and obtain independent appraisals to help establish value.

Currently there are 3 active listings, 14 in back up status, 11 pending and there were 5 sales in January, 2013.

3 active listings compared to 5 active listings December, 2012 – down -2
14 back up listings compared to 19 back up in December, 2012 –  down -5
11 pending listings compared to 8 pending in December, 2012 – up +3
5 sold listings compared to 3 sold listings in December, 2012 – up +2

The short sale inventory and sales continue to decline monthly.

There is a low absorption rate for short sales in Newport Beach. It is favoring a seller’s market with approximately one month absorption rate (or less).

Past months market reports for short sales in Newport Beach.

January, 2013
December, 2012
November, 2012
October, 2012
September, 2012
August, 2012
July, 2012
June, 2012
May, 2012
April, 2012
March, 2012
February, 2012
January, 2012

See below for a the review of 2012 Newport Beach short sales homes sold, price per square foot and number of homes sold per month.

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

Showing properties 1 - 5 of 5. See more Newport Beach Short Sale Property for Sale.
(all data current as of 5/23/2013)

1. $2,595,000 : 648 Via Lido Soud, Newport Beach
   
   3 beds, 3 full, 1 part baths

   Home size: 2,600 sq ft

   Lot size: 2,816 sqft
2. $229,000 : 43 CHANNEL Road, Newport Beach
   
   2 beds, 2 full, 1 part baths

   Home size: 1,385 sq ft
3. $3,995,000 : 207 EDGEWATER, Newport Beach
   
   5 beds, 3 full, 2 part baths

   Home size: 3,000 sq ft

   Lot size: 2,700 sqft
4. $108,300 : 700 LIDO PARK Drive #15, Newport Beach
   
   3 beds, 2 full baths

   Home size: 1,162 sq ft
5. $2,600,000 : 226 VIA SAN REMO, Newport Beach
   
   3 beds, 4 full baths

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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