Newport Coast (May 31, 2013)
The median list price in Newport Coast this week is $4,372,500.
Inventory has been lightening lately, and the Market Action Index has been trending up. Though days on market are increasing, these are mildly positive indications 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.