Market View: February 3, 2012 Newport Coast

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Median List Price

The median list price in NEWPORT COAST this week is $3,297,500. Inventory has been lightening lately but the Market Action Index is falling, also. With days-on-market is increasing, these are relatively negative indications for the market.

Supply and Demand

In terms of supply and demand, the market is getting cooler – more supply is coming on the market relative to the sales demand. However, in recent weeks, prices have been moving higher. Since it is technically a buyer’s market, this price trend may be a result of improved quality of the homes being listed.

Price

Price trends continued their recent upward movement this week. While still below the market’s high point, we may be seeing the start of a good price stretch here. Keep an eye on the Market Action Index as a leading indicator of any change.