The median list price in Laguna Beach this week is $2,499,000.
The Market Action Index has been trending down lately, while inventory is climbing. These trends imply a weakening market.
Supply and Demand
The market has been consistently cool for several weeks. Demand levels are low relative to the available inventory. It’s a buyer’s market, and prices continue to fall. Look for a persistent shift in market action before prices plateau or begin to rise again.
Again this week in Laguna Beach, we see a downward notch for prices. We continue to pull back from the market’s highs. At this point, we will be looking for a persistent upward shift in the Market Action Index as a leading indicator for a trough in prices.