The median price in Newport Beach is $2,225,000.
Inventory is up, and market action is trending down recently. While days on market appear to be trending lower, the overall conditions are weakening a bit.
Supply and Demand:
In terms of supply and demand, the market is getting cooler – more supply is coming on the market relative to the sales demand. However, in recent weeks prices have been moving higher. Since it technically is a buyer’s market, this price trend may be a result of improved quality (newer, larger homes) of the homes being listed. Look at the descriptive statistics where you may notice the homes being listed are larger and younger than they have been in the past.
Price trends continued their recent uptrend this week. While still below the market’s price high point, we’ve seen a nice run recently.