Market View: August 19, 2011 Newport Coast

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Median List Price

The median list price in NEWPORT COAST this week is $2,797,000. The Market Action Index has been trending down lately, while inventory and days-on-market are climbing. The trends imply a weakening market.

Supply and Demand

In terms of supply and demand, the market is getting cooler – more supply is coming on the market relative to the sales demand. However, in recent weeks prices have been moving higher. Since it is technically a Buyer’s market, this price trend may be a result of improved quality of the homes being listed, i.e. newer and larger homes. Look at the descriptive statistics where you may notice the hoes being listed are larger and younger than they have been in the past.

Price   

In this zip code this week saw relatively little price change from last week. However, we continue to demonstrate a nice up trend in general over the last several weeks.