Market Vew: November 4, 2011 Newport Coast
Median List Price
The median list price in NEWPORT COAST this week is $2,324,500. Demand as measured by the Market Action Index is increasing and days-on-market is trending downward. Even as more properties come available, these are positive trends for the market.
Supply and Demand
Home sales have been exceeding new inventory for several weeks. However, because of excess inventory, prices have not yet stopped falling. Should the sales trend continue, expect prices to level off soon and potentially to resume their climb from there. Watch prices as the market transitions from a buyer’s market to a seller’s market.
Again this week, we see a downward tick in prices. Pricing has been weak in recent weeks and versus its absolute-high level. At this point, we will be looking for a persistent upward shift in the Market Action Index as a leading indicator of a trough in prices.