Market View: January 13, 2012 Newport Beach

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Median List Price

The median list price in NEWPORT BEACH this week is $1,595,000. Inventory has been tightening 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. However, because of excess inventory, prices have not yet stopped falling. Should the sales trend continue, expect prices to level off soon and potentially to resume their climb from there. Watch prices as the market transitions from a buyer’s market to a seller’s market.

Price   

The market has been on a downward trend recently and this week, while essentially flat, doesn’t break us out of that cycle.