The median list price in Newport Coast this week is $4,050,000. Inventory is up and market action is trending down recently. While days on market appear to be trending lower, the overall conditions are weakening a bit.
Supply and Demand
In terms of supply and demand, the market is getting cooler. More supply is coming on the market relative to the sales demand. However, in recent weeks prices have been moving higher. Since it is technically a buyer’s market, this price trend may be a result of improved quality (i.e. newer, larger) of the homes being listed. Look at the descriptive statistics where you may notice the homes being listed are larger and younger than they have been in the past.
Despite this week’s down tic, the price trend in Newport Coast remains upward for several weeks. We’re within sight of the market peak, and we’ll assume this week’s change is just randomness unless we see a persistent downward push of the Market Action Index into the buyer’s zone.