Is It Now The COLDEST in Newport Beach?
As reported in the OC Register
Statistics now show it would take nine months to sell all the homes listed for sale in Newport Beach at the current sales pace.
That made Newport Beach Orange County’s coldest housing market in late November. Portola Hills, on the other hand, was the county’s hottest, with all the listings there disappearing — in theory — in 45 days.
The “market time” for each community by comparing how long it theoretically would take to sell all the homes on the market at the current sales pace.
| Hottest | Supply | Deals | Months | Yr. ago | Avg. List Price |
|---|---|---|---|---|---|
| Portola Hills | 19 | 13 | 1.5 | 1.4 | $346k |
| Foothill Ranch | 44 | 24 | 1.8 | 1.5 | $499k |
| Garden Grove | 321 | 144 | 2.2 | 1.9 | $381k |
| Buena Park | 164 | 68 | 2.4 | 1.4 | $3985k |
| Santa Ana | 548 | 214 | 2.6 | 2.0 | $344k |
| County | Supply | Deals | Months | Yr. ago | Avg. List Price |
| All of O.C. | 10,836 | 2,693 | 4.0 | 2.5 | $880k |
| Coolest | Supply | Deals | Months | Yr. ago | Avg. List Price |
| Newport Beach | 509 | 56 | 9.1 | 8.4 | $2.3m |
| Villa Park | 40 | 5 | 8.0 | 5.8 | $1.5m |
| Corona Del Mar | 152 | 19 | 8.0 | 9.7 | $3.3m |
| Seal Beach | 289 | 38 | 7.6 | 5.0 | $369k |
| Newport Coast | 127 | 17 | 7.5 | 6.2 | $5. |
- The “hardest” O.C. town to find a home to buy in terms of “market time” (supply of homes for sale vs. new purchase deals inked in past month) is Portola Hills at 1.5 months (45 days) to theoretically sell all for-sale homes at the current buying pace. A year ago, this town was at 1.4 months (42 days).
- The market time of the five “hardest to buy” communities combined was 2.4 months as of last week. These five communities with the shortest market times had 10% of the county’s supply of homes for sale, but 17% of homes in escrow.
- “Hardest” market to sell a home in, based on the same math, was Newport Beach with a market time at 9.1 months to theoretically sell all for-sale homes at the current buying pace. A year ago, this town was at 8.4 months.
- The five “hardest to sell” markets have a combined market time of 8.3 months and were 10% of the supply of homes for sale and 5% of homes in escrow.
- All told, countywide market time was 4.0 months last week.
- All told, 5% of the communities had “market times” less than 2 months, a clear sellers’ market. Four weeks ago? None. It was 45% a year ago.
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