Newport Beach (June 21, 2013)

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This Week

The median price in Newport Beach is $2,297,000.

Demand measured by the Market Action Index is increasing, and days on market are holding steady. With more properties coming available, conditions are mildly positive.

Supply and Demand

In the last few weeks, the market has achieved a relative stasis point in terms of sales to inventory. However, inventory is sufficiently low to keep us in the seller’s market zone so watch changes in the Market Action Index. If the market heats up, prices are likely to resume an upward climb.

Price

Prices are climbing, and we’re nearing the market’s all-time high. A persistent drop of the Market Action Index into the buyer’s zone will be a leading indicator of the price strength subsiding.

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