Newport Beach Short Sale Market Update | December, 2012

Newport Beach Short Sales | Market Update | December, 2012

The Newport Beach real estate market has both short sales and foreclosures. The definition of a short sale is when a lienholder 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. A bank or lender may request more than one BPO (broker price opinion) and obtain independent appraisals to help establish value.

Lido Island in Newport Beach

Currently there are 5 active listings, 16 in back up status, 12 pending and there were 8 sales in December, 2012.

Average sales price for Newport Beach short sales over past one year is $843,781 with a price per square foot of $416.21.

5 active listings compared to 7 active listings November, 2012 – down -2
16 back up listings compared to 19 back up in November, 2012 –  down -3
12 pending listings compared to 8 pending in November, 2012 – up +4
8 sold listings compared to 3 sold listings in November, 2012 – up +5

The short sale inventory and sales continue to decline monthly.

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).

Past months market reports for short sales in Newport Beach.

December, 2012
November, 2012

See below for a the review of 2012 Newport Beach short sales homes sold, price per square foot and number of homes sold per month.

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

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Sharon Paxson is a full-time REALTOR® with Compass 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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