Dover Shores/Westcliff Area Home Sales

Despite the bad news the media continues to talk about, I want to let you know that in our neighborhood our average sales price remains to be about the same as last year this time. I looked at the sales for last year from 01/01/2007-05/21/2007 we had 6 homes pending, and sold homes we had 21. The average home sold for $1,808,083.

This year the same time period, we have 6 homes pending and 13 sold, and the good news is that the average price for a home in the Dover Shores/Westcliff area is $1,811,153.

Prices for luxury homes in Orange County continue to hold up at a better rate than in other areas. Homes in beach communities have retained their value. While Newport Beach luxury homes are not resistant to fluctuations in the real estate market, they do not get affected to the same degree. Demand for coastal properties remains strong. People that can afford these homes dont usually worrry about getting a loan. They understand that interest rates are very low presently. They also understand that if they find a home they like and they can afford it, they need to make a move or it will be gone.

We are seeing pent up demand. Buyers that have been waiting, are now out seriously looking to buy. Many experts believe the worst is gone. Now it's time for prices to stabilize and I believe we will all see the real estate market turn.

For more information on Dover Shores Real Estate please feel free to contact me or visit my website at:
www.YourNewportHome.com