Market View: November 4, 2011 Newport Beach

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Median List Price

The median list price in NEWPORT BEACH this week is $1,395,000. 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 levels are low relative to the 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. 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.