Market View: September 2, 2011 Newport Beach

0
1253

Median List Price

The median list price in NEWPORT BEACH this week is $1,795,000. Inventory and days-on-market are both trending higher recently. However, the improving Market Action Index implies some increased demand will temper the negative trends.

Supply and Demand

Home sales have been exceeding new inventory for several weeks. Since this is a Buyer’s market, prices are not yet moving higher as excess inventory is consumed. However, as the supply and demand trends continue, the market moves into the Seller’s zone, and we are likely to see upward pressure on pricing.

Price    

The market seems to have paused around this plateau. The Market Action Index is a good leading indicator for the durability of this trend.