Market View: July 22, 2011 Corona del Mar

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Median List Price

The median list price in CORONA DEL MAR, CA 92625 this week is $2,152,500. Inventory has been lightening lately and the Market Action Index has been trending up. Though days-on-market is increasing, these are mildly positive indications for the market.

Supply and Demand

Home sales have been exceeding new inventory for several weeks. While still a Buyer’s market, prices seem to have responded by moving upward. If the demand trends continue, expect prices to keep marching upward, especially once we see a Seller’s market.

 

Price                                                                                                    

Despite this week’s down tic, price trends in this ZIP code have generally been moving up lately. We are below the market’s high point, and we’ll investigate the Market Action Index later on to see if we expect this week’s blip to become a downward trend.