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The Newport Coast real estate market, found in the larger Newport Beach and Orange County housing markets, continued to remain one of the most expensive regions of the country despite the withdrawal of some sellers from the market. According to a September 22, 2010 report from the Orange County Business Journal, “Newport Beach is the nation’s most expensive housing market, according to a report by Coldwell Banker Real Estate LLC. A four-bedroom, two-bathroom home in Newport Beach averages $1.8 million, according to the Parsippany, N.J.-based real estate agency. Newport Beach edged out several other pricey California cities on the list, including No. 2 Palo Alto at $1.5 million, No. 4 San Francisco at $1.3 million and No. 5 La Jolla at $1.2 million. The study looked at 18,000 four-bedroom, two-bathroom homes listed on ColdwellBanker.com from February and August in nearly 300 markets. The average listing price of the homes studied was $353,000. An average Newport Beach home was $1.7 million more expensive than the cheapest city on the list, Detroit at an average of $68,000. The most affordable California city was Lancaster at $141,116.”
Fewer Newport Coast homes for sale were kept on the market in the most recent tracking period, according to an October 17, 2010 report from the Orange County Register. According to the article by Jonathan Lansner, “The latest Orange County home inventory report from Steve Thomas Altera Real Estate shows Orange County homeowners continuing to pull their homes off the market. In the two weeks ended Oct. 14, the listing inventory dropped by 3%, after a 1% drop in the previous two weeks. The inventory drop seems not tied to lenders pulling distressed properties off the market as foreclosure moratoriums grow. Active distressed inventory dropped by only 9 homes over the past two weeks to 4,030. All told, inventory of residences for sale totals totals 11,493 homes — still 3,570 more than a year ago. “This is the time of the year when fewer homes are placed on the market and unsuccessful sellers throw in the towel and pull their homes off the market,” Thomas says.”
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