Balboa Peninsula is a unique area of Newport Beach and offers a variety of lifestyles. There are homes that are Newport Beach ocean front homes, and Newport Beach homes with boat slips also. There are both condos for sale on the Balboa Peninsula in Newport Beach, and single family homes as well. The Balboa Peninsula is a highly sought after area.
Currently, there are 72 active listings on the Balboa Peninsula in Newport Beach. There were two sales last month. That makes for a very high absorption rate. I did some research back to 2002, to look at the trends including the median price, and number of units sold on the Balboa Peninsula. The graphic includes date from 2011, and I will update it once the year is over.
In 2011, there have been 35 sales on the Peninsula in Newport Beach. The largest number of units sold over the past 9 years was in 2003 when 85 properties were sold. The highest median price was in 2007. And it has declined, however the median price is higher in 2011 versus 2010. Also, looking at the number of units in the city of Newport Beach, it is interesting to see the trends.
The number of units that have sold in Newport Beach has declined since 2002, with 2008 being the lowest year.
It will be interesting to see how many more homes will sell before the end of the year and it 2011 will have more home sales than 2010. Buyers are taking advantage of the softened home prices, and the low interest rates.
If I can answer any questions about Newport Beach homes for sale, or trends, please contact me.
Originally posted at NewportBeachRealEstateCafe.com
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I see you've been busy this wet weekend getting together your Balboa Peninsul market report, Sharon. Great job. Good to hear that the median price is up this year.
HI Jane - yes definitely been sitting here most of the day working on the data. It is interesting to see the trends overall.
Sharon - great report and I like your charts. I know how much time and effort it takes to pull these together. Informative and easy to read.
Sharon - Balboa Peninsula has had a such a high absorption rate for the past many months. This is a great historical review.
Sharon - Great real estate market report for Balboa Peninsula, I love how you went back to 2002. This is something I do on listing appointments and sellers are usually surprised that home values are still higher than in the early 2000's.
Hi8 Sharon - The Balboa Peninsula looks beautiful, as all of your communities do. I'm appreciating the sunshine and warm weather right now.