The median list price in Newport Coast this week is $3,500,000.
The Market Action Index has been trending down lately, while inventory and days-on-market are climbing. The trends imply a weakening market.
Supply and Demand
Home sales have begun exceeding new inventory. This is a buyer’s market so prices are not yet moving higher as excess inventory is consumed. If the tightening continues and the market moves into the seller’s zone, we may see upward pressure on pricing.
Price
We continue to see prices in this zip code settled at a plateau. This week prices bumped down a bit but not significantly enough to change the overall outlook. Look for a persistent change (up or down) in the Market Action Index before we see prices significantly deviate from these levels.
