The Newport Beach real estate market has both short sales and  foreclosures. The definition of a short sale is when a  lien holder or bank agrees to accept a discounted payoff on a loan balance as a result of  either economic or a financial hardship on the part of the mortgagor.

The  banks or lenders want fair market value for the property and will attempt to obtain the the fair market value of the property.  A bank or lender may request more than one BPO (broker price opinion) and obtain independent appraisals.

Lido Island in Newport Beach

Currently there are 17 active listings, 29 in back up status, 22 pending and there were 15 sales in May, 2012.

There is an average sales price over the past one year of $814,618  and a price per square foot of $384.87. Listings are down -2 since April, 2012 

Active listings are down -1 since May, 2012
Back Up is down -4 since May, 2012
Pending sales are down -5 since May, 2012
Sales are up +4 since May, 2012

There is a low absorption rate for short sales in Newport Beach.

Absorption Rate, June, 2012
Newport Beach Short Sale 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 17 17 17 17
Sold 15 38 51 112
AverageSold/Mo 15 13 9 9
Month’s Inventory 1.1 1.3 2.0 1.8

Past months market reports for short sales in Newport Beach.

May, 2012
April, 2012
March, 2012
February, 2012
January, 2012

Search the MLS for Newport Beach short sales, and Newport Beach homes for sale.

[idx-listings linkid=”143409″ count=”50″]

Leave a Comment

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.