Newport Beach is O.C.’s Toughest Market for Sellers

Newport Beach is the hardest city to sell a home in Orange County, with a “market time”—the supply of listed homes against the number of purchases made in the past month—of close to nine months, according to data from Steven Thomas of Aliso Viejo-based Altera Real Estate.

Of the 569 Newport Beach homes for sale in the past two weeks, only 64 were in the end stages of purchase as of the study. According to the market time formula, a home would theoretically stay on the market for 8.9 months before being sold. A year ago, however, the market time was 11.8 months, or almost one year.

Other “cool” markets include Laguna Beach and Corona del Mar with a market time of 8.3 months, Laguna Woods at 5.8 months, and Seal Beach at 4.8 months. On average, these five cities have a market time of 7 months, well within the limit to be considered a buyer’s market.

The easiest place to sell, on the other hand, is Aliso Viejo with a market time of just 1.1 months. This is down from a year ago where a home took 1.9 months to sell, already one of the best performing markets in O.C. at that time.

Aliso Viejo is followed by Foothill Ranch and Rancho Santa Margarita, whose market times are tied at 1.3 months, and Garden Grove and Lake Forest with a market time of 1.5 months.

Countywide, market times are at 2.4 months, down slightly from a year ago. A total of 3,979 deals were signed in the past two weeks, compared to the total inventory of 9,351.

 

Earlier in Newport Beach Real Estate News:
Corona del Mar Homes Hardest To Sell In O.C.
Corona Del Mar Home Sells At $12 Million Cut
Newport Beach Makes California Top 10 Gains List