Market View: May 25, 2012 Newport Coast

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Median List Price

The median list price in NEWPORT COAST this week is $3,400,000. Demand measured by the Market Action Index is increasing and days-on-market is trending downward. Even as more properties come available, these are positive trends for the market.

 

Supply and Demand

Home sales have been exceeding new inventory for several weeks. However, because of excess inventory, prices have not yet stopped falling. Should the sales trend continue, expect prices to level off soon and potentially to resume their climb from there. Watch prices as the market transitions from a buyer’s market to a seller’s market.

 

Price

Again this week we see a downward tick in prices. At this point, we will be looking for a persistent upward shift in the Market Action Index as a leading indicator for a trough in prices.