Market View: October 7, 2011 Newport Beach

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Median List Price

The median list price in NEWPORT BEACH this week is $1,800,000. Inventory has been decreasing lately, but the Market Action Index is falling, also. With days-on-market climbing, these are relatively negative implications for the market.

Supply and Demand

The Market Action Index has been trending lower for several weeks, while prices have remained relatively stable. If inventory continues to grow relative to demand, however, it is likely that we will see downward pressure on pricing.

Price    

Despite this week’s tick down, the market seems to have paused around this plateau. The Market Action Index is a good leading indicator for the durability of this shift.