REO Property for Sale in Newport Beach | Bank Owned Homes for Sale in Newport Beach

Market report for April 2013.

Newport Beach REO home buyers  often face the challenge of competing with multiple offers on the properties. This is not only happening with REO property but with traditional sales as well.  Especially during this time because there is such limited inventory in general. Also, Newport Beach REO  or bank owned home buyers are competing with cash buyers when making an offer on the home.

Currently there are 2 active listings 1 back up 2 pending and there was 4 sale in April 2013.

The average sales price over the past one year is $845924 and a price per square foot of $419.92.

The median price for REO property in Newport Beach for the past one year is $650500 and $372.99 per square foot. Both the average and median sales price are up from last month.

Comparison from prior month is below.

2 active listings compared to 2 active in March 2013
1 back up listing compared to 0 back up in March 2013
2 pending listings compared to 4 pending in March 2013
4 sold listings compared to 1 sold in March 2013

Market absorption rate is declining with the decrease in inventory. Absorption is favoring a seller’s market.

Past month’s market reports:

March 2013
February 2013
January 2012

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