The median list price in Newport Coast this week is $4,100,000.
Inventory is up and market action is trending down recently. While days on market appear to trending lower, the overall conditions are weakening a bit.
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 by the result of improved quality (newer, larger) of the homes being listed. Look at the descriptive statistics where you may notice the homes being listed are larger and younger than they have been in the past.
You can see that prices in Newport Coast are marching upward and that we’re getting close to the market’s all time high. Watch for a persistent downward shift in the Market Action Index into the buyer’s zone as a leading indicator of the price strength subsiding.