Market View: December 23, 2011 Newport Coast

0
1199

Median List Price

The median list price in NEWPORT COAST this week is $2,979,500. Inventory has been lightening lately and the Market Action Index has been trending up. Though days-on-market is increasing, these are mildly positive indications for the market.

Supply and Demand

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

Price      

We continue to see prices hovering around the current level, even though they bumped up a bit this week. Look for a persistent up-shift in the Market Action Index before we see prices move significantly from here.