The asking side is still holding a high bar
When people ask where pricing stands, I look at the gap between what homes are asking and what they are closing for. In Newport Beach, CA, the typical list price was $4,772,500 last month, and that tells me sellers are still reaching for a high bar.
The typical list price was $4,772,500 last month, while the typical sold price was $2,732,500. I see that gap as a sign that pricing has to be defended with the right positioning, not just desired with confidence.
In Newport Beach, CA, that kind of spread makes me cautious about overreaching. A seller can ask aggressively, but the market still decides where value lands.
Check the ask against the close before you decide.
Keep your response grounded in what similar homes have done.
Let the market confirm the number, not just your hope.
