Newport Coast (June 28, 2013)

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This Week

The median list price in Newport Coast this week is $4,275,000.

The Market Action Index has been trending down lately, while days on market are climbing, providing mostly bearish signs 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.

Price

Again this week in Newport Coast we see a downward notch for prices. We continue to pull back from the market’s highs. At this point, we will be looking for a persistent upward shift in the Market Action Index as a leading indicator for a trough in prices.

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