Newport Coast (January 17, 2014)

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This Week

The median list price in Newport Coast this week is $4,745,000

Inventory has been lightening lately and the Market Action Index has been tending up. Though the days-on-market is climbing, these are relatively negative indications for the 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 that and begin to fall. Expect prices to fall if the index persistently falls into the buyer’s zone.

Price

This zip code this week saw relatively little price change from last week. However we continue to demonstrate a nice up trend over the last several weeks.