Corona del Mar (November 1, 2013)

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This Week

The median list price in Corona del Mar this week is $2,972,500.

Inventory is tightening and days-on-market is falling. But demand as measured by the Market Action Index is also trending down. The market is not giving strong up or down signals from this data.

Supply and Demand

In the last few weeks the market has achieved a relative stasis point in terms of sales inventory. However, inventory is sufficiently low to keep us in the Seller’s Market zone so watch changes in the MAI. If the market heats up, prices are likely to resume an upward climb.

Price

In the last few weeks we’ve seen prices in this zip code bouncing around this plateau. Look for a persistent down-shift in the Market Action Index before we see prices deviate form these levels.

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