A community within Newport Beach, California, the area called East Bluff is an area with 460 single-family homes located atop a location where views can be seen of the Back Bay and Newport Beach’s city lights. The community is close-knit and family-oriented. The area is home to high-priced residential real estate and thus has only naturally suffered since the downturn in the U.S. housing market set in around late 2008. Prices have spiked and crashed throughout the past year, making the East Bluff real estate market a bit unstable at present time.

The Newport Beach Zip code in which East Bluff is located has seen its median price rise and fall like tracing the path of a roller-coaster over the past year. In April, it showed a more stable mark from the previous month, at around $1.68 million, basically constant month-over-month. Last year at this time, the median price was just around $1.7 million, showing that through all the ups and downs of 2009, perhaps the market now has gotten through the shocks and may continue on a more stable path.

The number of days East Bluff homes for sale and other homes for sale in the Newport Beach Zip code have spent on the market before selling has shown some improvement in the first quarter of 2010. The figure hit an annual peak at around 270 days in early January, but has since fallen to around 225 in mid-March, the lowest level seen since early December 2009. These figures are all still well above the 175-day range that existed in mid-April of 2009.

The number of new homes listed fell dramatically in the beginning months of 2010, hitting a 12-month bottom of around 150 in mid-January. That figure has since picked up again though, rising to around 225 in the beginning of April, about the same level as it was at during the same period last year. Meanwhile, price per square foot has traced a mostly downward trajectory over the  past 12 months, with the figure at around $545 in April, down form $585 at the same period one year ago.

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Real estate experts have seen promising signs for Southern California and Newport Beach real estate.  Over the past few months, the Southern California region has posted increases in both its home sales and median sales prices.  Despite real estate struggles that began in 2007, prior to the economic recession of 2008, which only worsened the situation, Southern California has provided real estate experts with optimistic views of the future.  Many experts believe that the greater affordability of housing in the region, as well as favorable interest rates, the decline of the inventory of foreclosed properties, and the federal tax credit will play major roles in the recovery of the Newport Beach real estate market during the 2010 year.

According to DQNews.com, Southern California has posted significant improvements in the region’s real estate markets with an increase in both the number of houses and condos sold and the median sales price.  In December of 2009, a total of 22,328 new and resale houses and condos were sold in Southern California, a 16.4 percent increase from that of the previous year, and a 12.1 percent from that of the previous year.  December marked the 18^th consecutive month in which Southern maintained a year-over-year gain in terms of home sales.  December also marked the first month with year-over-year gains in the median sales price.  In December, the median sales price for houses and condos in Southern California was $289,00, a 1.4 percent increase from $285,000 in November and a 4 percent increase from $278,000 a year earlier.

The Los Angeles Times has also reported on the recent improvements made to the Southern California real estate market.  The LA Times reported that very favorable interest rates and more affordable housing played a major role in the recent increases in real estate activity and median sales prices.  The rebounding home prices is expected to lead the recovery of the housing market as construction and development projects are also increased to satisfy the increasing demand for housing in the Southern California region.  Real estate experts also believe that the federal tax credit will spur real estate activity as the deadline approaches in the spring.

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