The median list price in Laguna Beach this week is $2,495,000.
With inventory and days on market basically unchanged, and the Market Action Index increasing, the market is not sending a strong directional signal for the near-term outlook.
Supply and Demand
Home sales have been exceeding new inventory for several weeks. Since this is a buyer’s market, prices are not yet moving higher as excess inventory is consumed. However, as the supply and demand trends continue, the market moves into the seller’s zone, and we are likely to see upward pressure on pricing.
In the last few weeks, we’ve seen prices in Laguna Beach bouncing around this plateau. Look for a persistent downshift in the Market Action Index before we see prices deviate from these levels.