The East Bluff real estate market, an upscale portion of the larger Newport Beach and Orange County real estate housing markets, saw a decrease in median sales price during the most recent tracking period. According to the latest report available from MDA DataQuick, Orange County, including East Bluff, saw a slight fall in housing prices during the period ending December 3rd. Over that time frame, Orange County saw a median sales price of $432,000, marking a decrease of slightly less than one percent compared to year-ago levels. Similarly, statistics from the California Association of Realtors indicated that month-over-month figures for Orange County declined by about four and a half percent for October 2010 and increased by about one half of a percent in November 2010. The most recent numbers are approximately seventeen percent higher than the cyclical low in Orange County, although the statistics also show a fall of nearly forty percent from the peak of the market. There were also substantially fewer properties bought in the month of November. Orange County saw a total of 2,591 residence sales in November, a decline of about twelve percent compared to November 2009. Compared to previous years, the sales pace of Orange County properties is less than three-quarters of the peak.
The decline in the median sales price among East Bluff and Newport Beach homes for sale can be partially attributed to increased pressures on the upper tier of the housing market. According to statistics provided by HousingTracker, price cuts in the 75th percentile and above were depressed more substantially than the rest of the market. This segment’s pricing decreased by more than thirteen percent relative to the same time last year. This means that higher-end properties were much less expensive compared to the rest of the market, and therefore that higher-end home sales boosted the average sales price by a lower percentage than in months past. Conversely, the 25th percentile of the housing market and below saw a much lower decrease in median price, falling less than one percent compared to October 2010. Over the last two years, that market segment’s median price increased marginally.