Market View: September 30, 2011 Newport Coast

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Median List Price

The median list price in NEWPORT COAST this week is $2,695,000. Inventory is tightening and days-on-market is falling. But demand as measured by the Market Action Index is also trending down. The market is not giving strong up or down signals from these data.

Supply and Demand

The market has been consistently cool for several weeks. Demand level is low relative to inventory. It’s a buyer’s market and prices continue to fall. Look for a persistent shift in Market Action before prices plateau or begin to rise again.

Price      

Again this week we see prices down a notch. Pricing has been weak in recent weeks and compared with their absolute high level. At this point, we will be looking for a persistent upward shift in the Market Action Index as a leading indicator of a trough in prices.