Market View: April 20, 2012 Newport Coast

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Median List Price

The median list price in NEWPORT COAST this week is $3,750,000. Inventory has been lightening lately and the Market Action Index has been trending up. Though days-on-market is increasing, these are mildly positive indications for the market.

 

Supply and Demand

Home sales have been exceeding new inventory for several weeks. While still a buyer’s market, prices seem to have responded by moving upward. If the demand trends continue, expect prices to keep marching upward, especially once we see a seller’s market.

 

Price

Prices continue to march higher. Look for a persistent down trend in the Market Action Index into the buyer’s zone as a leading indicator of the price strength finally abating.