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Newport Beach REO Market Update | June, 2012

Newport Beach REO Market Update | June, 2012

Newport Beach REO home buyers usually face the challenge of competing with multiple offers on the properties. Also, Newport Beach REO  or bank owned home buyers are competing with cash buyers when making an offer on the home.

Bayshores in Newport Beach

Newport Beach currently has an inventory of REO or bank owned homes. Currently there are 6 active listings, 2 in back up status, 6 in pending status, and 9 sales.

Comparison from prior month is below.

Listings are down -2 since May, 2012
Back Up is  is down -1 since May, 2012
Pending is up +1 since May, 2012
Sold properties up +7 since May, 2012

There is a low absorption rate  of the REO property  of approximately one over the past one year. These properties move quickly as buyer’s perceive them as the best deal. Keep in mind when buying an REO property – they are purchased “as is”.  Keep in mind banks will want fair market value and go to great lengths to obtain that value, including obtaining several BPO (broker price opinions) and appraisals.

Market absorption rate is declining with the increase of sales in June along with a lower number of active listings. Absorption rate is now under a month to approximately one month.

Absorption Rate, June, 2012
Newport Beach REO Market Update

Information Deemed Reliable but not Guaranteed

Courtesy of www.NewportBeachRealEstateCafe.com

Info taken from CRMLS

Do Not Use Without Permission

 

 One

Month

ThreeMonths  SixMonths 

Twelve

Months 

Listings 6 6 6 6
Sold 9 16 23 60
AverageSold/Mo 9 5 4 5
Month’s Inventory 0.7 1.1 1.6 1.2

Past month’s market reports:

May, 2012
April, 2012

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ABOUT ME

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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