The median list price
in Laguna Beach this week is $2,447,500. Inventory is tightening and days on market are falling. The Market Action Index shows demand heating up. These are relatively bullish signs for prices.
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 from there. Watch prices as the market transitions from a buyer’s to a seller’s market.
Again this 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.