Corona Del Mar: April 12, 2013

The median list price in Corona del Mar this week is $2,710,000. Inventory is tightening, and days on market are falling. The Market Action Index shows demand heating up. These are relatively bullish signs for prices.

Supply and Demand
Home sales have been exceeding new inventory for several weeks. However, prices have not yet stopped falling. Since the market is already in the seller’s zone, expect prices to level off very soon. Should the sales trend continue, expect that prices could climb from there.

Price
Again this week in Corona del Mar, we see a downward notch for prices. Pricing has been weak in recent weeks and versus their absolute-high level. At this point, we will be looking for a persistent upward shift in the Market Action Index as a leading indicator for a trough in prices.