Newport Shores is located on the west side of Newport Beach walking distance to the water. It is interesting to research the market to determine where we are with our home prices, and number of units sold.
In 2002, average home price sold in Newport Shores was at $605,295. You can see the trend below with regards to home prices. Currently, based upon the sales, in Newport Shores - it is at 2003 pricing. There are some areas of the country such as Las Vegas, NV which are sub 2002 pricing, and we are fortunate not to have dropped down that low.
The graphic makes it easy to see the trends. The requirements for obtaining a loan in 2004 and 2005 were more relaxed, and as a result home prices surged. In 2006, the average home price was $1,119,544 which was the highest over the past nine years. Notice how the prices started declining in 2007, and interestingly enough, only two units sold.
Additionally, look at the Newport Shores numbers of sold units from 2002 to 2011. In 2002, 22 units were sold, and now that has declined to a little more than half. In 2011, if no other homes close escrow, then 13 homes will have sold which is an improvement from last month by +3.
I also did the research on the number of sold units in ALL of Newport Beach. And once again, the trend can be clearly seen. In 2002 in Newport Beach, 1159 units were sold, compared to 2011 thus far where 641 units have sold. Very similar when comparing the area of Newport Shores to the city of Newport Beach.
I find it interesting to write these reports, because it helps the consumer understand where the market is at. If I can answer any questions about Newport Shores in Newport Beach, please contact me.
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Sharon:
Always interesting to see what is happening around the country in Real Estate. Happy Thanksgiving.
Sharon - Now I need to do a market report like this and see where Wellington's at, but if I had to guess I'd say around 2002.
Hi Alan and Michele - yes it is interesting to see what is happening around the country.
HI Michelle - I would be interested to read yours as well in Wellington, Fl.
This is a great way to maket trends in your area, Sharon. Great job, and I love the simple to read graphs.
HI Jane - thank you - I like the graphs too, it really demonstrates the trends clearly.
Sharon Arthur and I just stopped by to wish you and your family a very Happy Thanksgiving
Hi Sharon - it seems like the only thing going down faster than real estate prices is the value of the dollar. Have a great Thanksgiveing
Hope you have lots of fun and food with family and friends. Happy Thanksgiving!
Sharon,
I hope you and your daughters have a wonderful Thanksgiving just stopped by to wish you a great Holiday.
Sharon, Great post, you made it really easy to interpret! It is always interesting to see what is going on in other markets.
Hi Karen - thank you for stopping by and wishing you and your family a very Happy Thanksgiving!
Hi Larry - indeed - hope your Thanksgiving was wonderful.
Hi Russel - Happy Thanksgiving to you as well.
HI Yolanda - hope yours was wonderful as well.
Hi Tony and Darcy - yes I agree and I read what is going on in other markets as well. I like to be able to compare and contrast with our own, and I find similar trends throughout. Also, it makes for great conversation with your clients.