Corona del Mar (as of Friday, May 10)

This Week

The median list price in Corona del Mar this week is $2,950,000.

The Market Action Index has been trending down lately, while inventory is climbing. These trends imply a weakening market.

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 technically is a buyer’s market, this price trend may be a result of improved quality (newer, larger) of the homes being listed. 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 tic, price trends in Corona del Mar 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.