The median list price in Laguna Beach this week is $2,425,000.
With inventory and days on market basically unchanged and the Market Action Index increasing, the market is not sending strong directional signals 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.
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.