Market View: March 2, 2012 Laguna Beach

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Median List Price

The median list price in LAGUNA BEACH this week is $1,750,000. Demand as measured by the Market Action Index is increasing and days-on-market is trending downward. Even as more properties come available, these are positive trends for the market.

Supply and Demand

The market shows signs of warming, with sales demand recently increasing faster than inventory. Prices have not yet responded, as the market is still working through excess inventory. It’s unlikely that we’ll see prices level off or move higher until the Market Action Index sustains its upward trend and maybe not until the inventory is depleted enough to create a seller’s market.

Price     

Again this week we see a downward tick in prices. Pricing has been weak in recent weeks and versus its 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.