Market View: November 25, 2011 Newport Beach

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Median List Price

The median list price in NEWPORT BEACH this week is $1,595,000. Inventory is up and Market Action 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 has been consistently cool for several weeks. Demand is low relative to available inventory. It’s a buyer’s market and prices continue to fall. Look for a persistent shift in Market Action before prices plateau or begin to rise again.

Price   

Again this week we see a downward tick in prices, which have been weak in recent weeks and versus their absolute-high level. At this point, we are looking for a persistent upward shift in the Market Action Index as a leading indicator for a trough in prices.