The median list price
in Newport Coast this week is $3,996,940. Inventory has been lightening and the Market Action Index has been trending up. Though days on market are increasing, these are mildly positive indication for the market.
Supply and Demand
Home sales continue to outstrip supply and the Market Action Index has been moving higher for several weeks. This is a seller’s market, so watch for upward pricing pressure in the near future if the trend continues.
While the median price in Newport Coast hasn’t moved much in the last few weeks, we are relatively close to the market’s high-water mark. Watch for a persistent downward shift in the Market Action Index into the buyer’s zone as a leading indicator of the price strength subsiding.