Newport Beach is O.C.’s Most Improved Market

Four Newport Beach ZIP codes saw significant sales and home price gains in the third quarter, making the city the most improved housing market in Orange County, according to the latest data from Zippy rankings.

The Zippy reports measure sales momentum and home pricing against foreclosure rates in major Orange County neighborhoods, using data from real estate information provider DataQuick to track quarter-to-quarter changes.

The biggest gainer was Newport Beach ZIP 92663, moving up 74 spots to take 4th place as the highest home price increase in the quarter. The average price in the area is $1.075 million, almost twice the top-25 price average of $555,000.

Corona del Mar (ZIP code 92625) ranked third with an average home price of $1.47 million, rising 64 spots from its previous ranking. Experts are particularly surprised as it has just come from a brief stint as O.C.’s slowest market, surpassing Laguna Beach.

Of the top 10, Newport Beach 92662 had the highest average home price at $1.74 million. The area ranked 9th place, rising 55 spots from last quarter’s ranking. Garden Grove, located further inland, rose the same number of spots to 14th place.

Newport Coast (ZIP code 92657) also made the list of top gainers despite being the city’s lowest performing market. The upscale community ranked 43rd county-wide, rising 38 spots from its near-bottom ranking last quarter.

Experts agree that price was a key factor in the third quarter rankings. The top 25 neighborhoods had a median selling price of $555,000 while the bottom 25—including the two ZIP codes of Dana Point in the South Coast—averaged $430,000.

 

Earlier in Newport Beach Real Estate News:
Newport Beach Home Prices Up Over Year
Newport Beach Among O.C.’s Slowest Markets
Newport Beach ZIP Sees Sales Spike as Prices Plunge