Newport Beach Housing Market Where Sold Values Remain Strong

Newport Beach at South Orange County, California, Housing Market Update for October 2010 

56 Newport Beach homes were sold during October 2010

Average sold price for those homes was $1,408,643

Average per SF sold price was $529

Average time on market for those sold homes was 141 days

There were 532 homes active for sale on the market at the end of the month.

Current average list price for Newport Beach homes is at $2,301,372. 

With such large difference between Newport Beach average home asking price ($2,301,372) and average sold price ($1,408,643), some of the Newport Beach home sellers are stubborn. 

Market Time - At current rate of home sales (56 sold during October 2010), it would theoretically take about 11 months for the market to sell all Newport Beach homes now listed.  A balanced market would be 5 to 6 months, so market time trend now favors the buyers.  

Last year during October 2009, 62 homes were sold at Newport Beach.

Average home sold price then at Newport Beach was $1,369,243.

 

Average per SF sold price was $537, and average time on market for those sold homes was 129 days. 

 

 

The Newport Beach housing market for October 2010 had home sales at 56 units, which is about ten percent down as compared to October 2009.  

However, Newport Beach home values remain strong as average sold prices during October 2009 and 2010 were about the same.

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Harrison K. Long - Business Solutions and Advisory - REALTOR® and broker associate, Coldwell Banker Residential Brokerage - Phone: 949-854-7747  -  CA DRE 01410855 -   www.LiveAtNewportBeach.com  -      www.OCPropertyNews.com  -  www.CostaMesaLive.com  -  www.Irvine-homevalues.com  -  www.NewportCoastLive.com   -  www.CoastLivinghomes.com  -  www.OCHomeValueGuide.com -  www.LiveAtIrvine.com  -  www.ExploreOCHomes.com  -  www.LiveAtOrangeCounty.com  

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