Newport Shores in Newport BeachÂ is a great beach community of approximately 440 homes located on theÂ west side of Newport Beach. Â In Newport Shores, there are bothÂ single family homesÂ and there are condos, and duplexes as well.
TheÂ community of Newport ShoresÂ has aÂ community pool,Â clubhouse, tennis court, sand volley ball court and basketball court for the residents ofÂ Newport Shores in Newport Beach.
Currently, there are 5Â active listingsÂ inÂ Newport Shores in Newport Beach,Â and there is one other active listing which is not in the MLS atÂ 233 Canal Street being offered at $1,400,000.Â InÂ December, 2011, there were no sales, and only one back up property.Â All of the active properties areÂ standard or equity sales,Â and theÂ back up property is also a standard sale.
Market absorptionÂ is still considered a buyers market inÂ Newport Shores in Newport Beach.
The following graph represents the number of units sold by year since 2002 with the average median price by year. In 2011, inÂ Newport Shores, a total of 14 homes were sold. Â That is up from 2010 by four. Of the 14 homes sold in Newport Shores, six were distressed sales. That is up by two from 2010 where there were four distressed sales of a total of 10 sold.
However, in 2011, the median price increased as you can see in the graph below. The median price is very close to 2004 pricing.
Based upon market trends, and the fact that there is such limited inventory for sale in Newport Shores, I believe that the market will remain a sellerâ€™s market. And because there continue to be standard or equity sales which is currently the majority of listings.