Newport Beach Short Sales | Market Update | October, 2012
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 lenders or banks will attempt to obtain 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.
Currently there are 8 active listings, 24 in back up status, 14 pending and there were 6 sales in October, 2012.
Average sales price for Newport Beach short sales over past one year is $856,585 with a price per square foot of $419.56. The highest priced short sale sold in October, 2012 in Newport Beach was $3,000,000.
8 active listings compared to 5 active listings September, 2012 – up +2
24 back up listings compared to 29 back up in September, 2012 – down -5
14 pending listings compared to 24 pending in August, 2012 – down -10
6 sold listings compared to12 sold listings in September, 2012 – down -6
There is a low absorption rate for short sales in Newport Beach. It is favoring a seller’s market with approximately one-month absorption rate (or less).