Market View: March 23, 2012 Corona del Mar

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Median List Price

The median list price in CORONA DEL MAR this week is $2,450,000. Inventory has been lightening and the Market Action Index has been trending up. Though days-on-market is increasing, these re 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

Again this week we see a downward tick in prices. Pricing has been weak in recent weeks and versus its absolute-high level. At this point, we will be looking for a persistent upward shift in the Market Action Index as a leading indicator for a trough in prices.