Market View: May 27, 2011 Corona Del Mar

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Median List Price

The median list price in CORONA DEL MAR, CA 92625 this week is $2,057,500. Inventory is tightening and days-on-market is falling. The Market Action Index shows demand heating up. These are relatively bullish signs for prices.

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 code 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.