The median list price in Newport Coast this week is $4,795,000. 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
In the last few weeks the market has achieved a relative stasis point in terms of sales to inventory. However, inventory is sufficiently low to keep us in the Seller’s Market zone so watch changes in the MAI. If the market heats up, prices are likely to resume an upward climb.
Prices in this zip code seem to have settled around a plateau. Look for a persistent down-shift in the Market Action Index before we see prices deviate from these levels.