The median list price in Laguna Beach this week is $2,872,000.
The Market Action Index has been trending down lately, while inventory and days on the market is increasing. The trends imply a weakening market.
Supply and Demand
The market is getting cooler; more homes are coming on the market relative to sales demand. In recent weeks, though, prices have been moving higher. Since it is technically a buyer’s market, this price trend may be a result of improved quality of homes being listed.
While this week the median price did not fluctuate much, the market prices are at an all time high. Watch for persistent downward shift in the Market Action Index into the buyer’s zone as a leading indicator of the price strength subsiding.