The median list price in Newport Beach this week is $2,495,000.
Inventory has been decreasing lately and the Market Action Index has been falling also. Though the days-on-market is climbing, these are relatively negative indications for the market.
Supply and Demand
The market has shown strong directional trends in terms of supply and demand. However, inventory is sufficiently low to keep us in the seller’s zone and prices have been moving upward as evidence.
While this week the median didn’t fluctuate much, prices continue to sit at all time highs. A persistent drop of the Market Action index into the buyer’s zone will be a leading indicator of the price strength subsiding.