Newport Coast Suffers Biggest Housing Drop in OC

Four years ago, it was the most expensive real estate market in Orange County. Today, while average selling prices are still well above the $1-million mark, Newport Coast 92657 is down to 79th place after falling victim to the housing crisis, which has swept through dozens of other neighborhoods.

The report was provided by Zippys, a ranking system that tracks relative strengths, relative pricing, and foreclosure frequency in various neighborhoods every quarter. Zippys takes into account all 83 ZIP codes in Orange County.

Dana Point 92624 suffered the second strongest blow, falling just above last place at number 82. It fell a staggering 55 spots compared to last quarter, with home prices falling far below average at $628,750.

The third worst fall occurred in San Clemente 92672, which dropped 37 spots from 33 to 70. The average selling price is only slightly better than Dana Point, measured at $658,250.

Other big drops include Trabuco Canyon and Coto da Caza (92679), Stanton 90680, Orange 92868, and Placentia 92870.

Anaheim Hills 92808 was the most improved ZIP for the quarter, moving up 45 spots from 57th to 12th place. The average selling price is $1.798 million, equal to the average in Newport Coast.

The second most improved neighborhood was Garden Grove 92845, average price $628, 750, coming in 17th from only 52nd last quarter. Of the price climbers, however, Yorba Linda 92887 came in with the highest average. The neighborhood made the third biggest jump to sixth place, an increase of 33 spots.

Other ZIPs that showed improvement were Irvine 92606 and 92620, Mission Viejo 92691, Costa Mesa 92627, and Anaheim 92807.

 

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