Balboa Island Homes for Sale | Market Update | September 2013
Balboa Island is viewed in the background, with the Balboa Peninsula located in front.
Balboa Island is a highly desirable area of Newport Beach. Balboa Island in Newport Beach consists of three islands in Newport Beach and the islands include the main island, the little island and Collins Island. Collins Island in Newport Beach is a gated community and has only 8 homes located on it, and these homes on Collins Island have incredible views of Newport Harbor. Balboa Island is a highly desirable area of Newport Beach. Buyers move to Balboa Island because of their lifestyle. Balboa Island has a unique charm, with close proximity to upscale shopping and dining in Newport Beach. And take the ferry across to the Balboa Peninsula to visit the beach.
In general, Balboa Island is showing a stable market trending towards a sellers market with the absorption rate. Currently the inventory is as follows for September, 2013. There are currently 16 active listings, 1 in back up, 2 pending sales, and 5 sold properties on Balboa Island.
The average sales price for the past one year is 2,519,587 and a price per square foot of $1,096.33 and a median price of $1,930,000 and a median price per square foot of $1,001,66. Both average and median prices were up from the prior month. The sales for the past one year were all standard with the exception of two short sales.
An usual sale at 117 Turquoise is being offered at $449,000 for a 1/4 interest. Located just steps from the water this is a great deal for someone trying to own a property on Balboa Island.
The absorption rate is below, and the six-month figure shows a seller’s market, however, the past three months there has been a decline in an average number of sales per month.
Search the MLS for Balboa Island homes for sale.