Corona Del Mar: February 1, 2013

The median list price in Corona del Mar this week is $2,527,500.

Inventory has been tightening, but days on market and the Market Action Index have been basically unchanged, not providing strong indication for market conditions.

Supply and Demand

The market has settled in at a relative stasis in inventory and sales conditions. It’s a buyer’s market that has seen prices trend lower. Expect that consistent up trends in demand will be required before price trends change significantly.

Price

Again this week in Corona del Mar, we see a downward notch for prices. Pricing has been weak in recent weeks and versus their 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.