Market View: April 27, 2012 Newport Beach

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Median List Price

The median list price in NEWPORT BEACH this week is $1,749,000. Inventory has been lightening lately and the Market Action Index has been trending up. 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 trend continues, expect prices to keep marching upward, especially once we see a seller’s market.

 

Price

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.