While Spring is typically the selling season in Southern California, that was not the case in Newport Beach. April 2012 saw a slow down in sales volume of all real estate and a decrease in average and median sales prices of condos. Single family sale prices increased as compared to the previous month with the average sales price almost a quarter million dollars higher.
Most desirable markets we track saw prices increase significantly. We attributed this primarily to a supply-demand curve shift, caused by a pull back of foreclosures coupled with an increase in the number of buyers. We will continue to monitor Newport Beach and see what the Spring and Summer months bring.
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