Corona del Mar (November 8, 2013)

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This Week

The median list price in Corona del Mar this week is $2,875,000.

Inventory is tightening and days-on-market is 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

Prices in this zip code have been on a downward trend recently and this week, while essentially flat, doesn’t break us out of that cycle.

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