Newport Coast Short Sale Market Update

Newport Coast Short Sale Experts

This market summary is for all property listings, short sales and bank REO sales statistics in Newport Coast , California. This report was generated by the short sale specialists at the Short Sales ASAP group, who are number one in short sale property listings sold and closed in Orange County.  Below is a tabulation of the statistics we have gathered for all sales, and short sales in Newport Coast – Orange County, California:

Newport Coast – Detached Homes Active for Sale:

• Total Listings: 115
• Median price: $2,995,000
• Average price per square foot: $770
• Number Short Sale Listings: 8
• Ratio of Short Sale to Total Listings: 7.0%
• Median price of Short Sale Listings: $2,495,000
• Average Price per Square Foot of Short Sale Listings: $732

Newport Coast – Attached Condos Active for Sale:

• Total Listings: 32
• Median price: $795,000
• Average price per square foot: $318
• Number Short Sale Listings: 4
• Ratio of Short Sale to Total Listings: 12.5%
• Median price of Short Sale Listings: $795,000
• Average Price per Square Foot of Short Sale Listings: $398

Newport Coast – Detached Homes Pending in Escrow:

• Total In Escrow: 30
• Median price: $2,720,000
• Number Short Sales In Escrow: 9
• Ratio of Short Sale to Total Pending: 30.0%
• Median price of Short Sales In Escrow: $1,395,000

Newport Coast – Attached Condos Pending in Escrow:

• Total In Escrow: 10
• Median price: $799,000
• Number Short Sales In Escrow: 4
• Ratio of Short Sale to Total Pending: 40.0%
• Median price of Short Sales In Escrow: $825,000

Newport Coast – Detached Homes Sold in Past 90 Days:

• Total Sold: 31
• Median price: $1,925,000
• Average price per square foot:  $588
• Number Short Sales Sold: 3
• Ratio of Short Sales to Total Sold: 9.7%
• Median price of Short Sales Sold: $1,425,000
• Average Price per Square Foot of Short Sales Sold: $409

Newport Coast – Attached Condos Sold in Past 90 Days:

• Total Sold: 8
• Median price: $650,000
• Average price per square foot:  $445
• Number Short Sales Sold: 1
• Ratio of Short Sales to Total Sold: 12.5%
• Median price of Short Sales Sold: $980,000
• Average Price per Square Foot of Short Sales Sold: $520

One of the important things to note is the high rate of failure when it comes to closing short sales.  Look at the ratio of Pending In Escrow short sales to Total Listings for Condos which is 40.0% .  Then compare that to the ratio of actual Sold short sale condos to Total sold Condos, which is 12.5% .   This large decrease in Ratios from Pending in Escrow to Sold shows that Short Sales fail to close at a high rate today in Newport Coast.

The reason being, is that many local Realtors do not have the training or experience in order to close short sales at a high rate of success.  Short sales are the most complex of all residential transactions and require skill, and expertise in order to close at a high rate of success. It is important for Newport Coast homeowners, who owe more than their home is worth, to work with an experienced short sale realtor. For more information, feel free to call: (888) 201-7066, or email us at: Info@ShortSalesASAP.com , or visit:  www.NewportCoastShortSaleExpert.com