Newport Shores Market Update December, 2011

Newport Shores Market Update December, 2011

Newport Shores in Newport Beach is a great beach community of approximately 440 homes located on the west side of Newport Beach.  In Newport Shores, there are both single family homes and there are condos, and duplexes as well.

Newport Shores in Newport Beach sunset

The community of Newport Shores has a community pool, clubhouse, tennis court, sand volleyball court and basketball court for the residents of Newport Shores in Newport Beach.

Currently, there are 5 active listings in Newport Shores in Newport Beach, and there is one other active listing which is not in the MLS at 233 Canal Street being offered at $1,400,000. In December 2011, there were no sales and only one back up the property. All of the active properties are standard or equity sales and the backup property is also a standard sale.

Listings are the same since November
Sales are down from November -2

Market absorption is still considered a buyers market in Newport Shores in Newport Beach.

The following graph represents the number of units sold by the year since 2002 with the average median price by year. In 2011, in Newport Shores, a total of 14 homes were sold.  That is up from 2010 by four. Of the 14 homes sold in Newport Shores, six were distressed sales. That is up by two from 2010 where there were four distressed sales of a total of 10 sold.

However, in 2011, the median price increased as you can see in the graph below. The median price is very close to 2004 pricing.

Based upon market trends, and the fact that there is such limited inventory for sale in Newport Shores, I believe that the market will remain a seller’s market. And because there continue to be standard or equity sales which is currently the majority of listings.

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Sharon Paxson is a full-time REALTOR® with EQTY | Forbes Global Properties and has been specializing in residential real estate throughout the Newport Beach area since 2005 assisting Buyer’s, Seller’s, Landlords, and Tenants with their real estate needs.

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DISCLAIMER: All information, photographs & content contained on this site is the property of Sharon Paxson. You must obtain written permission from Sharon Paxson if you would like to use any of this content contained herein. Opinions expressed are those of Sharon Paxson and may not necessarily be opinions of past and present brokers. Articles may be time and date sensitive. All statistical information utilized to create market reports has been obtained from the CRMLS. Information Deemed Reliable but not Guaranteed.

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