Market View: May 4, 2012 Newport Coast
Median List Price
The median list price in NEWPORT COAST this week is $3,400,000. The Market Action Index has been trending down lately, while days-on-market is climbing, providing mostly bearish signs for the market.
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.
Again this week, we see a downward tick in prices. We continue to pull back from the market’s highs. 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.