Newport Beach homes twice as hard to sell

Posted on by Listify Me

The overall Newport Beach home market — beach communities, Corona del Mar and Newport Coast — had 852 residences listed for sale as of Jun 9 with 105 new deals opening in the past 30 days.

That means, by one theory, it would take 8.11 months to sell all inventory at current pace of new escrows in the Newport region vs. 3.66 months countywide. Or, hypothetically, it’s 2.2 times harder to sell a Newport home vs. typical Orange County residence.


That’s the buzz from the biweekly housing market report from Orange County broker Steve Thomas.

The Newport communities combined had 83 residences listedthat were either foreclosures being resold or short sales, where sellers owe more than the home’s value. So distressed properties were 10% of supply of homes for sale in Newport vs. 33.9% countywide.

By neighborhoods:

NEWPORT BEACH

  • 554 residences listed and 64 new ecrows within 30 days. So Thomas’s “market time” was 8.66 months vs. 7.69 months found two weeks earlier vs. 8.61 months seen a year earlier. Countywide, latest market time was 3.66 months vs. 3.19 months a year ago.
  • Of the homes listed, 67 were either foreclosures or short sales. So distressed properties were 12% of supply vs. 33.9% countywide.
  • Homes for sale in #REF! represent 4.9% of Orange County inventory — and 1.7% of all the distressed homes listed for sale in Orange County. New escrows here are 2.1% of all Orange County’s new pending sales.

NEWPORT COAST

  • 140 residences listed and 19 new deals opening in the past 30 days.
  • By Thomas’s math, this community has a “market time” (months in would take to sell all inventory at current pace of new escrows) of 7.37 months vs. 8.81 months found two weeks earlier vs. 6.33 months seen a year earlier. Countywide, latest market time was 3.66 months vs. 3.19 months a year ago.
  • Of the homes listed, 10 were either foreclosures or short sales. So distressed properties were 7% of supply vs. 33.9% countywide.
  • Homes for sale in #REF! represent 1.2% of Orange County inventory — and 0.3% of all the distressed homes listed for sale in Orange County. New escrows here are 0.6% of local pending sales.

CORONA DEL MAR

  • 158 residences listed and 22 new deals opening in the past 30 days.
  • By Thomas’s math, this community has a “market time” (months in would take to sell all inventory at current pace of new escrows) of 7.18 months vs. 12.15 months found two weeks earlier vs. 6.28 months seen a year earlier. Countywide, latest market time was 3.66 months vs. 3.19 months a year ago.
  • Of the homes listed, 6 were either foreclosures or short sales. So distressed properties were 4% of supply vs. 33.9% countywide.
  • Homes for sale in #REF! represent 1.4% of Orange County inventory — and 0.2% of all the distressed homes listed for sale in Orange County. New escrows here are 0.7% of local pending sales.

Compare these trends to countywide patterns:

  • Cities with highest level of distressed properties among their listings? Anaheim was tops — 60.1% — followed by Rancho Santa Marg. at 59.6% of listings and La Habra at 58.8% of listings.
  • Fewest? Seal Beach was tops — 5.2% — followed by Corona Del Mar at 5.7% of listings and Laguna Woods at 6.7% of listings.

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