The median list price in Newport Coast this week is $4,695,000
Inventory has been decreasing lately and the Market Action Index has been falling also. 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.
This zip code this week saw relatively little price change from last week, but prices remain close to the market’s high water mark. Watch for persistent downward shift in the Market Index into the buyer’s zone as an indicator of price strength subsiding.