Market View: March 25, 2011 Newport Beach

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Median List Price

The median list price in NEWPORT BEACH, CA this week is $1,995,000. The Market Action Index has been climbing lately while days-on-market are trending down. These point to a positive near-term outlook for the market.

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

This week saw relatively little price change from last week. However, prices continue to demonstrate a nice up trend in general over the last several weeks.