Newport Beach ZIP Shows Biggest Sales Gain in O.C.

Newport Beach home sales are heading back up after a slow run for the past few months, surpassing other upscale O.C. cities in the month ended August 24, according to a report from real estate data firm DataQuick.

The 92661 ZIP, which includes the Newport Bay area and the Balboa Peninsula, saw its sales go up 400% over the year, or five times higher than in the same period a year ago. It is the biggest rise seen in Orange County, where 24 out of 83 ZIPs saw home sales gains.

Coming up second is Newport Beach 92662, covering Balboa Island, which saw twice the home sales it did this time last year. Newport Coast (92567) also showed a slight year-over-year rise of 31.6%, the lowest increase in the city.

On the other hand, the two remaining Newport Beach ZIPs, 92660 and 92663, saw home sales drop 9.7% and 24% respectively. These areas include parts of downtown Newport and the southwest stretch close to Costa Mesa.

Other big gainers in O.C. include Brea 92821 and 92823 with a 61% and 40% rise in home sales respectively, Fullerton 92832 with a 27.3 gain, and Midway City where sales went up 33.3%. Much of Irvine also did well, with three of its ZIPs gaining between 20% and 50% in sales over the year.

Median home prices also remain stable in Newport Beach, despite price drops in two of its ZIPs. Homes are currently priced between $800,000 and $1.5 million, with Newport Coast showing the biggest price increase at 21.7% up.

 

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