Newport Beach (May 16, 2014)
The median list price in Newport Beach this week is $2,482,500
The Market Action Index has been climbing lately while days-on-the-market are trending down, these point to a positive near term outlook for the market.
Supply and Demand
Home sales have been exceeding new inventory. This is a buyer’s market so prices are not yet moving hgher as excess inventory is consumed. If the tightening continues and the maker moves into the seller’s zone, we may see upward pressure on pricing.
The market appears to be hovering around this plateau. Look for a persistent change in the Market Action Index before we see prices deviate from these levels.