Newport Heights Market Update-April 2012

Newport Heights saw limited home sales in the first quarter of 2012, with only seven homes sold for the 90 day period ending Mar 31, 2012.  This small number of sales compares with 14 homes sold in the same period one year ago.  There were 19 Newport Heights condos sold in the first quarter, these condo sales were primarily in Villa Balboa, Versailles and Newport Crest Condo developments near Hoag Hospital. 

The seven homes which sold at an average of $1,415,571 and at $450.98 per square foot vs last year the average sales price was $1,250,785 and $581 per square foot.  These numbers at first glance seem to paint a contrary picture, a lower per square foot price yet an overall higher price.  This can be attributed to larger and therefore higher priced homes selling in the most recent quarter.  In fact the most recent data included the sale of a large home, 5,500 sq ft on Cliff drive which sold at $4,375,000. 

The data for Newport Heights Homes is mixed for the quarter, yet the fact that larger and higher priced homes are selling is a positive.  The limited number of sales is obviously not so positive.  The Newport Heights market tends to mirror that of the larger Newport Beach Real Estate, which is limited number of sales year over year.  The high number of condo sales is also is representative of the overall market as well, indicating great sales activity at the lower end of the price scale.