The median list price inNewport Coast this week is $4,000,000.
Inventory is tightening, and days on market are falling. The Market Action Index shows demand heating up. These are relatively bullish signs for prices.
Supply and Demand
Home sales continue to outstrip supply and the Market Action Index has been moving higher for several weeks. This is a seller’s market so watch for upward pricing pressure in the near future if the trend continues.
Despite the fact that prices in Newport Coast dipped a bit this week, the median price hasn’t moved much in the last few weeks and we remain relatively close to the market’s high-water mark. Watch for persistent downward shift in the Market Action Index into the buyer’s zone as a leading indicator of the price strength subsiding.