Market View: March 2, 2012 Newport Beach

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Median List Price

The median list price in NEWPORT BEACH this week is $1,595,000. Inventory is tightening and days-on-market is falling. The Market Action Index shows demand heating up. These are relatively bullish signs for prices.

Supply and Demand

Home sales have begun exceeding new inventory. This is a buyer’s market so prices are not yet moving higher as excess inventory is consumed. If the tightening continues and the market moves into the seller’s zone, we may see upward pressure on pricing.

Price    

The market seems to have paused around this plateau. The Market Action Index is a good leading indicator for the durability of this trend.