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Newport Beach REO Homes for Sale | Market Update | June, 2013

Newport Beach REO Homes for Sale | Market Update | June, 2013

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

Market report for June 2013.

The Newport Beach REO market has declined significantly. One year ago there were 6 active listings in June 2013. There is now 1/3 of the amount of active listings.

Newport Beach home buyers  often face challenges when purchasing a bank owned property of competing with multiple offers on the properties. This is also happening right now with standard sales.  Also, Newport Beach REO  or bank owned home buyers are competing with cash buyers when making an offer on the home. And we are seeing a similar trend with standard sales.

Bayshores in Newport Beach

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

The average sales price over the past one year is $838857 and a price per square foot of $413.18.

The median price for REO property in Newport Beach for the past one year is $607.075 and $360.31 per square foot.  The highest priced REO property that sold in the past one year was $3000000 and it sold on 4.13.13 at 2140 Mesa Drive.

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

Past month’s market reports:

July 2013
June 2013
May 2013
April 2013
March 2013
February 2013
January 2012
December 2012

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ABOUT ME

Sharon Paxson is a full-time REALTOR® with EQTY | Forbes Global Properties 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.

If you are thinking about buying, selling or renting your home, condo or other Real Estate in the following areas including Newport Beach, Newport Coast, Corona del Mar, Huntington Beach there are thousands of Realtors to choose from. However, it doesn't cost you any more to work with a top Newport Beach CA Realtor. We welcome the opportunity to show you how we get outstanding real estate results with specific and targeted marketing. If you are looking for a top real estate agent who will make a difference you have come to the right place. Use this real estate website to learn about communities and homes for sale.

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DISCLAIMER

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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