Market View: March 23, 2012 Newport Coast

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Median List Price

The median list price in NEWPORT COAST this week is $3,595,000. With inventory tending up but days-on-market trending down and the Market Action Index essentially flat recently, conditions do not seem to have strong up or down pull.

 

Supply and Demand

Inventory levels have bee relatively consistent relative to sales. Despite the fact that there is a relatively high amount of available inventory, this buyer’s market is still seeing prices move higher. Given inventory levels, these price conditions are relatively fragile. If the market cools off further, the price trend is likely to reverse.

 

Price

Despite this week’s down tick, the price trend remains upward for several weeks. We’ll assume this week’s change is just randomness unless we see a persistent downward push of the Market Action Index into the buyer’s zone.