Newport Coast (January 24, 2014)

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This Week

The median list price in Newport Coast this week is $4,695,000.

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

While the median price in this zip code didn’t fluctuate much, the market is close to the high-water mark. Watch for a persistent shift in the Market Action Index into the buyer’s zone as an indicator of subsiding price strength.