The median list price in Newport Coast this week is $4,590,000.
Inventory has been decreasing lately, but the Market Action Index is falling also. With days on market climbing, these are relatively negative implications for the 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 Market Action Index. If the market heats up, prices are likely to resume an upward climb.
Prices in Newport Coast hit another all time high this week. You can see that prices continue to march higher. Look for a persistent downtrend in the Market Action Index into the buyer’s zone as a leading indicator of the price strength finally abating.