Median List Price
The median list price in NEWPORT COAST this week is $2,845,000. Inventory has been lightening lately and the Market Action Index has been trending up. Though days-on-market is increasing, these are mildly positive indications for the market.
Supply and Demand
The market is showing signs of warming up, with sales demand recently increasing faster than inventory. Prices have not yet responded, as the market is still working through excess inventory. It’s unlikely that we’ll see prices level off or move higher until the Market Action Index sustains its upward trend and maybe not until the inventory is depleted enough to create a seller’s market.
Again this week we see a downward tick in prices. Pricing has been weak recently and versus its absolute-high level. 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.