Market View: September 2, 2011 Corona del Mar

0
1189

Median List Price

The median list price in CORONA DEL MAR this week is $2,175,000. Inventory is up and Market Action is trending down recently. While days-on-market appears to be trending lower, the overall conditions are weakening a bit.

Supply and Demand

In terms of supply and demand, the market is getting cooler – more supply is coming on the market relative to the sales demand. However, in recent weeks, prices have been moving higher. Since it is technically a Buyer’s market, this price trend may be a result of improved quality of the homes being listed (e.g. newer or larger). Look at the descriptive statistics where you may notice the homes being listed are larger and younger than they have been in the past.

Price  

Despite this week’s down tick, 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.