Newport homes 3 times as hard to sell

Posted on by Listify Me

The overall Newport Beach home market — beach communities, Corona del Mar and Newport Coast — had 606 residences listed for sale as of June 21 with 135 new deals opening in the past 30 days. That means, by one theory, it would take 4.49 months to sell all inventory at current pace of new escrows in the Newport region vs. 1.53 months countywide. So, Newport homes, hypothetically, are 2.9 times harder to sell than the typical Orange County home.

This is the buzz from the biweekly housing market report from Steve Thomas of ReportsOnHousing.com



The Newport communities combined had 37 residences listed that were either foreclosures being resold or short sales, where sellers owe more than the home’s value. So distressed properties were 6% of supply of all Newport homes for sale vs. 17.6% countywide.

By neighborhoods, as of June 21:

NEWPORT BEACH

  • 384 residences listed and 89 new ecrows within 30 days.
  • So Thomas’s “market time” (months in would take to sell all inventory at current pace of new escrows) was 4.31 months vs. 3.70 months found two weeks earlier vs. 9.29 months seen a year earlier. Countywide, latest market time was 1.53 months vs. 3.72 months a year ago.
  • Of the homes listed, 26 were either foreclosures or short sales. So distressed properties were 7% of supply vs. 17.6% countywide.
  • Homes for sale in Newport Beach represent 6.8% of Orange County inventory — and 2.6% of all the distressed homes listed for sale in Orange County. New escrows here are 2.4% of all Orange County’s new pending sales.

NEWPORT COAST

  • 119 residences listed and 21 new deals opening in the past 30 days.
  • By Thomas’s math, this community has a “market time” of 5.67 months vs. 5.30 months found two weeks earlier vs. 6.62 months seen a year earlier. Countywide, latest market time was 1.53 months vs. 3.72 months a year ago.
  • Of the homes listed, 8 were either foreclosures or short sales. So distressed properties were 7% of supply vs. 17.6% countywide.
  • Homes for sale in Newport Coast represent 2.1% of Orange County inventory — and 0.8% of all the distressed homes listed for sale in Orange County. New escrows here are 0.6% of local pending sales.

CORONA DEL MAR

  • 103 residences listed and 25 new deals opening in the past 30 days.
  • By Thomas’s math, this community has a “market time” of 4.12 months vs. 3.55 months found two weeks earlier vs. 7.62 months seen a year earlier. Countywide, latest market time was 1.53 months vs. 3.72 months a year ago.
  • Of the homes listed, 3 were either foreclosures or short sales. So distressed properties were 3% of supply vs. 17.6% countywide.
  • Homes for sale in Corona Del Mar represent 1.8% 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.

Compare these trends to countywide patterns:

  • Cities with highest level of distressed properties among their listings? Stanton was tops — 43.3% — followed by Buena Park at 43.2% of listings and Anaheim at 43.2% of listings.
  • Fewest? Portola Hills was tops — 0.0% — followed by Seal Beach at 0.8% of listings and Corona Del Mar at 2.9% of listings.

For more real estate news, CLICK HERE! For ZIP-by-ZIP homebuying trends, CLICK HERE! And for the latest housing foibles of Real Housewives of Orange County cast, CLICK HERE!

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