Market View: December 16, 2011 Newport Coast

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Median List Price

The median list price in NEWPORT COAST this week is $2,997,500. Inventory has been tightening and days-on-market increasing recently. The Market Action Index has been basically flat, not providing a strong indication for market conditions.

Supply and Demand

The market has settled in at a relative stasis in inventory and sales conditions. It’s a buyer’s market that has seen prices trend lower. Expect that consistent up trends in demand will be required before price trends change significantly.

Price

Again this week we see a downward tick in prices. Pricing has been weak in recent weeks and versus their absolute-high level. At this point, we will be looking for a persistent upward shift in the Market Action Index as a leading indicator of a trough in prices.