Market View: February 3, 2012 Corona del Mar

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Median List Price

The median list price in CORONA DEL MAR this week is $2,095,000. Inventory has been 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 these data.

Supply and Demand

While prices have recently plateaued, this is a buyer’s market and the supply of homes listed has started growing relative to demand. This indicates that prices could easily resume a downward trend in conjunction with the Market Action Index. Prices are unlikely to move significantly higher until there is a persistent upward shift in the Market Action Index.

Price 

We continue to see prices bouncing around this plateau. Look for a persistent up-shift in the Market Action Index before we see prices move from these levels.