Market View: May 11, 2012 Newport Coast

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Median List Price

The median list price in NEWPORT COAST this week is $3,399,750. Inventory is up and the Market Action Index is trending down recently. While days-on-market appears to be trending lower, the overall conditions are weakening a bit.

 

Supply and Demand

The market has been consistently cool for several weeks. Demand is low relative to the available inventory. It’s a buyer’s market and prices continue to fall. Look for a persistent shift in the Market Action Index before prices plateau or begin to rise again.

 

Price

Prices have been on a downward trend recently, and this week – while essentially flat – doesn’t break us out of that cycle.