Market View: October 28, 2011 Newport Beach

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Median List Price

The median list price in NEWPORT BEACH this week is $1,570,000. Inventory has been decreasing lately, but the Market Action Index is falling and days-on-market climbing and these have relatively negative implications for the market.

Supply and Demand

The market has been significantly cool for several weeks. Demand is low relative to the 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.

Price                                                                                                     

Prices have been on a downward trend recently and this week, while essentially flat, doesn’t break us out of that cycle.