Market View: May 4, 2012 Newport Beach

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Median List Price

The median list price in NEWPORT BEACH this week is $1,749,000. Inventory has been lightening lately and the Market Action Index has been trending up. These are mildly positive indications 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 trend continues, expect prices to keep marching upward, especially once we see a seller’s market.

 

Price

This week saw no price change from last week. However, prices continue to demonstrate a nice up trend in general over the last several weeks.