Market View: December 16, 2011 Newport Beach

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Median List Price

The median list price in NEWPORT BEACH this week is $1,662,500. Inventory is up and Market Action is trending down recently. While days-on-market appears to be trending lower, the overall conditions are weakening a bit.

Supply and Demand

The market has been consistently cool for several weeks. Demand is low relative to the available inventory. It’s a buyer’s market, and prices continue to fall. Look for a persistent shift in Market Action before prices plateau or begin to rise again.

Price  

This week, prices bumped up a bit, but the trend of recent weeks is generally downward. A pickup in demand will be reflected in the Market Action Index, so watch that chart to try to identify a change in the market.