Market View: March 23, 2012 Newport Beach

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Median List Price

The median list price in NEWPORT BEACH this week is $1,695,000. 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. While still a buyer’s market, prices seem to have responded by moving upward. If the demand trends continue, expect prices to keep marching upward, especially once we see a seller’s market.

 

Price

Prices continued their climb again this week. We’re a long way from the market’s price high point, so watch the Market Action Index as an indicator of how long this trend will last.