Market View: Februrary 10, 2012 Corona del Mar

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Median List Price

The median list price in CORONA DEL MAR this week is $2,050,000. Inventory is up and the Market Action Index is trending down recently. While days-on-market appears to be trending lower, the overall conditions are weakening a bit.

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      

Recently, prices 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 move significantly from these levels.