Newport Beach (September 6, 2013)
The median list price in Newport Beach this week is $2,199,000.
Inventory and days-on-market are both trending higher recently. However, the improving Market Action Index implies some increased demand will temper the negative trends.
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 MAI. If the market heats up, prices are likely to resume an upward climb.
The market seems to have paused around this plateau. The Market Action Index is a good leading indicator for the durability of this trend.