The median list price in Newport Coast this week is $4,282,500.
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
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 and begin to fall. Expect prices to fall if the index persistently falls to the buyer’s zone.
While, this week, the median price in Newport Coast didn’t fluctuate much, we continue to sit at all time high prices. Watch for a persistent downward shift in the Market Action Index into the buyer’s zone as a leading indicator of the price strength subsiding.