Corona Del Mar: December 7, 2012

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The median list price in Corona del Mar this week is $2,595,000.

Inventory has been lightening lately, and the Market Action Index has been trending up. These are mildly positive indications for the market.

Supply and Demand: Home sales have been exceeding new inventory for several weeks. However because of excess inventory, prices have not yet stopped falling. Should the sales trend continue, expect prices to level off soon and potentially to resume their climb from there. Watch prices as the market transitions from a buyer’s to a seller’s market.

Price: This week, prices in Corona del Mar bumped up a bit but the trend of recent weeks is generally downward. A pickup in demand will be reflected in the Market Action Index, so watch that chart to try to identify a trough in the market.