Market View: July 15, 2011 Newport Beach

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Median List Price

The median list price in NEWPORT BEACH, CA this week is $1,750,000. 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 we see a downward notch for prices. Pricing has been weak in recent weeks and versus their absolute-high levels.The Market Action Index is a good leading indicator for the durability of this trend.