Median List Price
The median list price in NEWPORT BEACH this week is $1,699,000. With inventory trending up but days-on-market trending down and the Market Action Index essentially flat recently, conditions do not seem to have a strong up or down pull.
Supply and Demand
Inventory levels have been somewhat consistent relative to sales. Despite the fact that there is a relatively large amount of available inventory, this buyer’s market is still seeing prices move higher. Given inventory levels, these price conditions are relatively fragile. If the market cools off further, the price trend is likely to reverse.
Prices continue their climb again this week. We’re a long way from the market’s price high point, so watch the Market Action Index as an indicator of how long this trend will last.