Median List Price
The median list price in NEWPORT COAST this week is $2,897,000. Inventory has been decreasing lately, but he Market Action Index is falling also. With days-on-market climbing, these have relatively negative implications for the market.
Supply and Demand
In terms of supply and demand, the market is getting cooler – more supply is coming on the market relative to the sales demand. However, in recent weeks prices have been moving higher. Since it is technically a Buyer’s market, this price trend may be a result of improved quality of the homes being listed (e.g. newer or larger homes). Look at the descriptive statistics, where you may notice the homes being listed re larger and younger than they have been in the past.
The market for this zip code continues its bounce again this week. We’re a long way from the market’s high point, so watch the Market Action Index to predict how long this trend will last.