Market View: July 22, 2011 Newport Coast

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Median List Price

The median list price in NEWPORT COAST, CA 92657 this week is $2,599,500. Demand measured by the Market Action Index is increasing and days-on-market is holding steady. With more properties coming available, conditions are mildly positive.

 

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                                                      

Again this week in this ZIP code, we see a downward notch for prices. Pricing has been weak in recent weeks, and versus their 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.