The overall Newport Beach home market — beach communities, Corona del Mar and Newport Coast — had 875 residences listed for sale as of Jun 23 with 104 new deals opening in the past 30 days.

That means, by one theory, it would take 8.41 months to sell all inventory at current pace of new escrows in the Newport region vs. 3.72 months countywide. So, Newport homes, hypothetically, are 2.3 times harder to sell than the typical Orange County home.

This is the buzz from the biweekly housing market report from Orange County broker Steve Thomas.

The Newport communities combined had 83 residences listed that were either foreclosures being resold or short sales, where sellers owe more than the home’s value. So distressed properties were 9% of supply of all Newport homes for sale vs. 33.5% countywide.

By neighborhoods:

NEWPORT BEACH

• 576 residences listed and 62 new ecrows within 30 days. So Thomas’s “market time” was 9.29 months vs. 8.66 months found two weeks earlier vs. 8.71 months seen a year earlier. Countywide, latest market time was 3.72 months vs. 3.37 months a year ago.
• Of the homes listed, 65 were either foreclosures or short sales. So distressed properties were 11% of supply vs. 33.5% countywide.
• Homes for sale represent 5.1% of Orange County inventory — and 1.7% of all the distressed homes listed for sale in Orange County. New escrows here are 2.0% of all Orange County’s new pending sales.

NEWPORT COAST

• 139 residences listed and 21 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 6.62 months vs. 7.37 months found two weeks earlier vs. 4.84 months seen a year earlier. Countywide, latest market time was 3.72 months vs. 3.37 months a year ago.
• Of the homes listed, 12 were either foreclosures or short sales. So distressed properties were 9% of supply vs. 33.5% countywide.
• Homes for sale 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 0.7% of local pending sales.

CORONA DEL MAR

• 160 residences listed and 21 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 7.62 months vs. 7.18 months found two weeks earlier vs. 7.32 months seen a year earlier. Countywide, latest market time was 3.72 months vs. 3.37 months a year ago.
• Of the homes listed, 6 were either foreclosures or short sales. So distressed properties were 4% of supply (best in O.C.!) vs. 33.5% countywide.
• Homes for sale in CdM 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.

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