The median list price
in Corona del Mar this week is $2,597,000. Inventory has been lightening lately, and the Market Action Index has been trending up. Though days on market are increasing, 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.
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.