Market View: June 3, 2011 Newport Coast

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Median List Price

The median list price in NEWPORT COAST, CA 92657 this week is $2,945,000. 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 younger than they have been in the past.

Price

Despite this week’s down tic, price trends in this ZIP code have generally been moving up lately. We are below the market’s high point, and we’ll investigate the Market Action Index later on to see if we expect this week’s blip to become a downward trend.