Market View: September 30, 2011 Newport Beach

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Median List Price

The median list price in NEWPORT BEACH this week is $1,827,000. Inventory has been lightening and days-on-market increasing recently. The Market Action Index has been basically flat, not providing a strong indication for market conditions.

Supply and Demand

Inventory levels have been relatively consistent relative to sales. Despite the fact that there is a relatively high amount of available inventory, this buyer’s market is still seeing prices move higher. Given inventory levels, these price conditions are relatively fragile. If the market cools off further, the price trend is likely to reverse.

Price  

Prices continue their climb again this week. We’re a long way from the market’s price high-point, so watch the Market Action Index as an indicator of how long this trend will last.