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.
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
Search the MLS for Newport Beach REO property and Newport Beach homes for sale.
