Market View: August 5, 2011 Corona del Mar

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Median List Price

The median list price in CORONA DEL MAR, CA this week is $2,177,500. Even though the days-on-market is trending higher, so is the Market Action Index at these inventory levels, providing a neutral outlook for the market.

Supply and Demand

Home sales have been exceeding new inventory for several weeks. Since this is a Buyer’s market, prices are not yet moving higher as excess inventory is consumed. However, as the supply and demand trends continue, the market moves into the Seller’s zone, and we are likely to see upward pressure on pricing.

Price                                                                                                    

Recently, prices in this zip have settled at a plateau, even though they dipped this week. Look for a persistent up-shift in the Market Action Index before we see prices significantly move from these levels.