Market View: June 1, 2012 Newport Beach

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Median List Price

The median list price in NEWPORT BEACH this week is $1,797,000. Inventory is up and the Market Action Index is trending down recently. While days-on-market appears to be trending lower, the overall conditions are weakening a bit.

 

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

Prices continue their climb again this week. We’re a long way from the market’s price high, so watch the Market Action Index as an indicator of how long this trend will last.