The median list price in Newport Coast this week is $3,999,500.
The Market Action Index has been trending down lately, while inventory and days on market are climbing. The trends imply a weakening market.
Supply and Demand
Market conditions have been consistently cooling in the past several weeks. Because we’re still in the seller’s zone, prices have not yet begun to drop. It may take a few more weeks of slack demand for prices to reflect and begin to fall. Expect prices to fall if the index persistently falls to the buyer’s zone.
While, this week, the median price in Newport Coast didn’t fluctuate much, we are relatively close to the market’s high-water mark. Watch for persistent downward shift in the Market Action Index into the buyer’s zone a leading indicator of the price strength subsiding.