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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