Market View: January 27, 2012 Newport Coast

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Median List Price

The median list price in NEWPORT COAST this week is $2,999,000. 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 begun exceeding new inventory. This is a buyer’s market, so prices are not yet moving higher as excess inventory is consumed. If the tightening continues and the market moves into the seller’s zone, we may see upward pressure on pricing.

Price         

We continue to see prices hovering around these current levels, 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.