The median list price in Newport Coast, CA this week is $4,500,000. 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
The market has been at a stasis point in terms of sales to inventory. However, prices seem to continue to fall a bit. Technically supply levels indicate this is a Seller’s market so it is likely that the downward pricing pressure will be light or variable. Watch for an up- shift in the MAI before price stability is achieved.
Price
Prices in this zip code have been on a downward trend in the last few weeks and this week, while essentially flat, doesn’t break us out of that cycle.
