Newport Shores is located on the west side of Newport Beach walking distance to the water. It is interesting to research the market to determine where we are with our home prices, and number of units sold.

In 2002, average home price sold in Newport Shores was at $605,295. You can see the trend below with regards to home prices. Currently, based upon the sales, in Newport Shores – it is at 2003 pricing. There are some areas of the country such as Las Vegas, NV which are sub 2002 pricing, and we are fortunate not to have dropped down that low.

The graphic makes it easy to see the trends. The requirements for obtaining a loan in 2004 and 2005 were more relaxed, and as a result home prices surged. In 2006, the average home price was $1,119,544 which was the highest over the past nine years. Notice how the prices started declining in 2007, and interestingly enough, only two units sold.

Additionally, look at the Newport Shores numbers of sold units from 2002 to 2011. In 2002, 22 units were sold, and now that has declined to a little more than half. In 2011, if no other homes close escrow, then 13 homes will have sold which is an improvement from last month by +3.

I also did the research on the number of sold units in ALL of Newport Beach. And once again, the trend can be clearly seen. In 2002 in Newport Beach, 1159 units were sold, compared to 2011 thus far where 641 units have sold. Very similar when comparing the area of Newport Shores to the city of Newport Beach.

I find it interesting to write these reports, because it helps the consumer understand where the market is at. If I can answer any questions about Newport Shores in Newport Beach, please contact me.