Newport Coast (August 30, 2013)
The median list price in Newport Coast this week is $3,799,500.
Inventory is up, and Market Action trending down recently. While days-on-market appear to be trending lower, the overall conditions are weakening a bit.
Supply and Demand
The market has been consistently cooling off in recent weeks. Demand level is low relative to the available inventory. It’s a Buyer’s market and prices continue to fall. Look for a persistent shift in Market Action before prices plateau or begin to rise again.
Again this week in this zip code, 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.