The inventory in Newport Coast in zip code 92657 over the past two years has declined as shown below. The number of sales have also increased especially in the last 2 months. With the decreased inventory, we are seeing multiple offers on properties, and sellers are getting close to their asking price.
The months of inventory has also declined or absorption rate has declined. Absorption rate is basically the length of time it will take to sell all the active listings assuming that no new listings are added. Two years previously, there was an absorption rate on one month of over one year, and as of July, 2012 shows 5 months which indicates a stable market.
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