The median list price in Corona del Mar this week is $3,200,000. The Market Action Index has been trending down lately, while inventory and days-on-market are climbing. The trends imply a weakening market.
Supply and Demand
The market appears to have begun to cool. As we’re still notably in a seller’s market, prices have not yet adjusted. If the market continues to cool, then expect prices to follow lower. It may take a few more weeks of slack demand for prices to reflect and begin to fall. Expect this condition if the index falls to the buyer’s zone.
Price
Price trends in this zip code continued their recent uptrend this week. While still below the market’s high point, we may be seeing the start of a good price stretch here. We’ll look at the Market Action Index later in the report to gauge the leading indicators.
