Market View: May 11, 2012 Newport Beach

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Median List Price

The median list price in NEWPORT BEACH this week is $1,792,500. 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 been exceeding new inventory for several weeks. While still a buyer’s market, prices seem to have responded by moving upward. If the demand trend continues, expect prices to keep marching upward, especially once we see a seller’s market.

 

Price

Prices continue 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.