Market View: August 26, 2011 Corona del Mar

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Median List Price

The median list price in CORONA DEL MAR this week is $2,270,000. The Market Action Index has been rending down lately, while inventory is climbing. These trends imply a weakening market.

Supply and Demand

In terms of supply and demand, the market is getting cooler – more supply is coming on the market relative to the sales demand. However, in recent weeks, prices have been moving higher. Since it is technically a Buyer’s market, this price trend may be a result of improved quality (newer, larger homes) in the inventory. Look at the descriptive statistics, where you may notice the homes being listed are larger and younger than they have been in the past.

Price  

In this zip code, this week saw relatively little price change from last week. However, we continue to demonstrate a nice up trend in general over the last several weeks.