Market View: June 17, 2011 Newport Beach

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    Median List Price

    The median list price in NEWPORT BEACH, CA this week is $1,862,450. Inventory is up and Market Action is trending down recently. While days-on-market appears to be trending lower, the overall conditions are weakening a bit.

    Supply and Demand

    In terms of 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 (newer, larger homes) of the homes being listed. Look at the descriptive statistics where you might notice the homes being listed are larger and newer than they have been in the past.

    Price

    This week saw relatively little price change from last week. However, prices continue to demonstrate a nice up trend in general over the last several weeks.