Newport Coast Homes Hardest To Sell In O.C.

Newport Coast homes can take more than a year to sell at the current rate, making it the slowest market in Orange County this week, according to the latest data from Altera Real Estate in Aliso Viejo.

The area's market time-the time it will take to sell all listed homes at the current pace-was recorded at 12.1 months, the highest of 83 O.C. neighborhood surveyed by broker Steve Thomas in his inventory for the week ending September 16.

Newport Coast, one of the pricier neighborhoods in upscale Newport Beach, almost doubled its market time compared to a year ago, when it was a relatively healthy 6.9 months.

Market times are calculated using Thomas's formula, which takes into account the number of homes for sale against the number of deals in escrow in a given time. Newport Coast had 157 active listings in the said week, but only 13 deals under way.

Other slow markets include Corona del Mar with a market time of 10.5 months, Laguna Beach at 10.1 months, Newport Beach at 8.5 months, and Seal Beach at 8.3 months. Except for Seal Beach, all posted year-over-year decreases in market times.

The easiest place to sell a home is Dove Canyon, where homes take an average of two months to sell. O.C.'s "hottest" markets also include Foothill Ranch with a 2.4-month market time, Talega at 2.8 months, Rancho Santa Margarita at 2.9 months, and Santa Ana at three months.

Notably, the hottest markets all have median prices under $1 million - the priciest homes are in Talega, with a median of $854,000. On the other hand, the "cool" markets save for seal beach are all within the multimillion-dollar price range, with Newport Coast topping the list at $4.4 million.

 

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