Newport Beach Among O.C.’s Slowest Markets

"Newport Beach ranked second in a survey of Orange County's hardest places to sell a home, confirming experts’ predictions that beach towns would be the most affected by the tapering of home sales toward the end of the second quarter.

The survey is based on market times, or the ratio of the total inventory of homes to the number of deals signed in a given period. As of the current week, Newport Beach has 592 homes for sale and a mere 68 deals, giving it a market time of 8.7 months. Theoretically, this is also the time it would take for the average home to sell at the current rate.

The city is surpassed only by Laguna Beach, which showed a market time of 13.3 months. Of the 373 homes for sale in Laguna, only 28 had turned into purchase deals at the time of the survey. This means a home in Laguna Beach spend over a year in the market before being sold.

Finishing the bottom five are Corona del Mar with a market time of 7.3 months, Seal Beach at 7.1 months, and Villa Park at 6.2 months. Notably, all but one of them are beach towns, and with the exception of Seal Beach, median home prices are above $1 million.

On the other hand, the county’s five "hottest" markets—those where homes sell the fastest--are Portola Hills with a market time of 0.9 months, Dove Canyon at 1.4 months, Lake Forest at 2 months, and Rancho Santa Margarita and Laguna Hills at 2.1 months.

Countywide, there are 10,462 homes for sale and 3,107 deals signed as of the survey, giving a market time of 3.4 months. It has slowed down slightly from a year ago, when homes took an average of 2.5 months to sell."

 

Earlier in Newport Beach Real Estate News:
Newport Wins Award for Best Beaches
Newport Beach Home On Private Island Hits Market for $28 Million
Old Newport Beach Building To Be Transformed