Market View: February 17, 2012 Newport Coast

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Median List Price

The median list price in NEWPORT COAST this week is $2,747,000. Inventory is tightening and days-on-market falling. The Market Action Index shows demand heating up. These are relatively bullish signs for prices.

Supply and Demand

The market is showing signs of warming up, with sales demand recently increasing faster than inventory. Prices have not yet responded, as the market is still working through excess inventory. It’s unlikely that we’ll see prices level off or move higher until the Market Action Index sustains its upward trend and maybe not until the inventory is depleted enough to create a seller’s market.

Price  

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