Newport Beach: March 15, 2013

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The median price in Newport Beach in the week ending March 11 is $1,895,000.

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

Home sales have been exceeding new inventory for several weeks. While still a buyer’s market, prices seem to have responded by moving upward. If the demand trends continue, expect prices to keep marching upward, especially once we see a seller’s market.

Price

This week saw relatively little price change from last week. However, prices continue to demonstrate a trend upwards in general over the last several weeks.

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