REO Property for Sale in Newport Beach | Bank Owned Homes for Sale in Newport Beach
Market report for March, 2013.
Newport Beach REO home buyers often 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. Especially during this time, because there is such limited inventory in general. Also, Newport Beach REO or bank owned home buyers are competing with cash buyers when making an offer on the home.
Currently there are 2 active listings, 0 back up, 3 pending and there was 1 sale in March, 2013.
The average sales price over the past one year is $751,884 and a price per square foot of $401.49.
The median price for REO property in Newport Beach for the past one year is $607,075 and $358.20 per square foot.
Comparison from prior month is below.
2 active listings compared to 3 active in February, 2013
0 back up listing compared to 1 back up in February, 2013
3 pending listings compared to 3 pending in February, 2013
1 sold listings compared to 4 sold in February, 2013
Market absorption rate is declining with the decrease in inventory. Absorption is favoring a seller’s market.
Past month’s market reports:
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