Market View: April 6, 2012 Newport Coast

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Median List Price

The median list price in NEWPORT COAST this week is $3,497,000. Inventory and days-on-market are both trending higher recently. However, the improving Market Action Index implies some increased demand will temper the negative trends.

 

Supply and Demand

Home sales have been exceeding new inventory for several weeks. Since this is a buyer’s market, prices re not yet moving higher as excess inventory is consumed. However, as the supply and demand trends continue, the market moves into the seller’s zone, an we are likely to see upward pressure on pricing.

 

Price

We continue to see prices settled at a plateau. This week, prices bumped down a bit, but not significantly enough to change the overall outlook. Look for a persistent change – up or down – in the Market Action Index before we see prices significantly deviate from the current level.