Market View: October 7, 2011 Newport Coast

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Median List Price

The median list price in NEWPORT COAST this week is $2,799,000. Inventory is tightening and days-on-market is falling. The Market Action Index is heating up. These are relatively bullish signs for prices.

Supply and Demand

Home sales have been exceeding new inventory for several weeks. However, because of excess inventory, prices have not yet stopped falling. Should the sales trend continue, expect prices to level off soon and potentially to resume their climb from there. Watch prices as the market transitions from a buyer’s market to a seller’s.

Price   

This week, prices bumped up a bit, but the trend of recent weeks is generally downward. A pickup in demand will be reflected in the Market Action Index, so watch that chart to try to identify a trough in the market.