Market View: August 5, 2011 Newport Beach

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Median List Price

The median list price in NEWPORT BEACH, CA this week is $1,792,500. 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. 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                                                                                                    

This week saw relatively little price change from last week. However, prices continue to demonstrate a nice up trend in general over the past several weeks.