Market View: October 28, 2011 Newport Coast

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Median List Price

The median list price in NEWPORT COAST this week is $2,999,997. Inventory has been lightening lately and the Market Action Index has been trending up. Though days-on-market is increasing, these are mildly positive indications for the market.

Supply and Demand

Home sales have been exceeding new inventory for several weeks. While still a buyer’s market, prices seem to have responded by moving upward. If the demand trends continue, expect prices to keep marching upward, especially once we see a seller’s market.

Price                                                                                                    

Despite the tick down this week, the price trend has generally been up lately. We are below he market’s high point, and we’ll investigate the Market Action Index later on to see if we expect this week’s blip to become a downward trend.