This Week’s Market View | July 27, 2012

By OCInSite Site Admin | July 27, 2012 11:30 AM

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Corona Del Mar

Median List Price
The median list price in CORONA DEL MAR this week is $2,595,000. Inventory has been decreasing lately, but the Market Action Index is falling also. With days-on-market climbing, these are relatively negative implications for the market.

Supply and Demand
The Market Action Index has been trending lower for several weeks, while prices have remained relatively stable. If inventory continues to grow relative to demand, however, it is likely that we will see downward pressure on pricing.

Price                                                                 
Recently, prices have settled at a plateau, even though they dipped this week. Look for a persistent up-shift in the Market Action Index before we see prices significantly move from these levels.

Newport Beach

Median List Price
The median list price in NEWPORT BEACH this week is $1,799,000. Inventory is up and the Market Action Index is trending down recently. While days-on-market appears to be trending lower, the overall conditions are weakening a bit.

Supply and Demand
The Market Action Index has been trending lower for several weeks, while prices have remained relatively stable. If inventory continues to grow relative to demand, however, it is likely that we will see downward pressure on pricing.

Price
The market seems to have paused around this plateau. The Market Action Index is a good leading indicator for the durability of this trend.

Newport Coast

Median List Price
The median list price in NEWPORT COAST this week is $3,391,500. Inventory has been lightening lately, and the Market Action Index has been trending up. These are mildly positive indications for the market.

Supply and Demand
Home sales have been exceeding new inventory for several weeks. However, because of excess inventory, prices have not yet stopped falling. Should the sales trend continue, expect prices to level off soon and potentially to resume their climb.

Price
This week prices bumped up a bit, but the trend of recent weeks is generally downward. Keep an eye on the market Action Index for a leading indicator of the duration of this down trend.

Laguna Beach

Median List Price
The median list price in LAGUNA BEACH this week is $2,399,000. The Market Action Index has been trending down lately, indicating demand falling along with supply. Conditions point to mildly negative trends for the market.

Supply and Demand
The market is getting cooler – more supply is coming on the market relative to the demand. However, in recent weeks prices have been moving higher. Since it is technically a buyer’s market, this price trend may be a result of improved quality of the homes being listed.

Price
Watch for a persistent downward shift in the Market Action Index into the buyer’s zone as a leading indicator of the current price strength subsiding.