Newport Beach Short Sales | Market Update | December, 2012
The Newport Beach real estate market has both short sales and foreclosures. The definition of a short sale is when a lien holder or bank agrees to accept a discounted payoff on a loan balance as a result of either economic or a financial hardship on the part of the mortgagor.
The lenders or banks will attempt to obtain fair market value for the property. A bank or lender may request more than one BPO (broker price opinion) and obtain independent appraisals to help establish value.
Currently there are 5 active listings, 16 in back up status, 12 pending and there were 8 sales in December, 2012.
Average sales price for Newport Beach short sales over past one year is $843,781 with a price per square foot of $416.21.
5 active listings compared to 7 active listings November, 2012 - down -2
16 back up listings compared to 19 back up in November, 2012 - down -3
12 pending listings compared to 8 pending in November, 2012 - up +4
8 sold listings compared to 3 sold listings in November, 2012 - up +5
The short sale inventory and sales continue to decline monthly.
There is a low absorption rate for short sales in Newport Beach. It is favoring a seller's market with approximately one month absorption rate (or less).
Past months market reports for short sales in Newport Beach.
See below for a the review of 2012 Newport Beach short sales homes sold, price per square foot and number of homes sold per month.
Search the MLS for Newport Beach short sales, and Newport Beach homes for sale.
Originally posted at NewportBeachRealEstateCafe.com
Sharon Paxson REALTOR®