The overall Newport Beach home market — beach communities, Corona del Mar and Newport Coast — had 861 residences listed for sale as of Sep 1 with 112 new deals opening in the past 30 days. That means, by one theory, it would take 7.69 months to sell all inventory at current pace of new escrows in the Newport region vs. 3.53 months countywide.

So, Newport homes, hypothetically, are 2.2 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 75 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. 33.8% countywide.

By neighborhoods:

NEWPORT BEACH

• 552 residences listed and 75 new ecrows within 30 days. So Thomas’s “market time” was 7.36 months vs. 9.63 months found two weeks earlier vs. 8.74 months seen a year earlier. Countywide, latest market time was 3.53 months vs. 4.05 months a year ago.
• Of the homes listed, 56 were either foreclosures or short sales. So distressed properties were 10% of supply vs. 33.8% countywide.
• Homes for sale in Newport Beach represent 5.1% of Orange County inventory — and 1.5% of all the distressed homes listed for sale in Orange County. New escrows here are 2.5% of all Orange County’s new pending sales.

NEWPORT COAST

• 151 residences listed and 20 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 7.55 months vs. 8.05 months found two weeks earlier vs. 7.70 months seen a year earlier. Countywide, latest market time was 3.53 months vs. 4.05 months a year ago.
• Of the homes listed, 13 were either foreclosures or short sales. So distressed properties were 9% of supply vs. 33.8% countywide.
• Homes for sale in Newport Coast represent 1.4% of Orange County inventory — and 0.4% of all the distressed homes listed for sale in Orange County. New escrows here are 0.7% of local pending sales.

CORONA DEL MAR

• 158 residences listed and 17 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 9.29 months vs. 9.56 months found two weeks earlier vs. 6.84 months seen a year earlier. Countywide, latest market time was 3.53 months vs. 4.05 months a year ago.
• Of the homes listed, 6 were either foreclosures or short sales. So distressed properties were 4% of supply vs. 33.8% countywide.
• Homes for sale in Corona Del Mar represent 1.5% of Orange County inventory — and 0.2% of all the distressed homes listed for sale in Orange County. New escrows here are 0.6% of local pending sales.

Compare these trends to countywide patterns:

Cities with highest level of distressed properties among their listings? Anaheim was tops — 61.1% — followed by Buena Park at 58.3% of listings and Rancho Santa Marg. at 57.8% of listings.

Fewest? Corona Del Mar was tops — 3.8% — followed by Seal Beach at 4.5% of listings and Villa Park at 6.7% of listings.

 

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