Market View: November 11, 2011 Newport Beach

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Median List Price

The median list price in NEWPORT BEACH this week is $1,687,500. Demand measured by the Market Action Index is increasing and days-on-market is trending downward. Even s 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, prices have not yet stopped falling. Since the market is already in the seller’s zone, expect prices to level off very soon. Should the sales trend continue, expect that prices could climb from there.

Price          

Again this week, we see a downward tick in prices. Pricing has been weak in recent weeks and versus its absolute-high levels. The Market Action Index is a good leading indicator for the durability of this trend.