Market View: May 25, 2012 Newport Beach

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Median List Price

The median list price in NEWPORT BEACH this week is $1,764,000. 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 Action Index has been trending lower for several weeks while prices have remained relatively stable. If inventory continues to grow relative to demand, however, it is likely that we will see downward pressure on pricing.

 

Price

Despite this week’s downward tick, the market seems to have paused around this plateau. The Market Action Index is a good leading indicator for the durability of this shift.