Corona del Mar: March 15, 2013

The median list price in Corona del Mar last week was $2,922,500.

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

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 (newer, larger homes) 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

The market for Corona del Mar continues its bounce again this week. We’re a long way from the market’s high point, so watch the Market Action Index to predict how long this trend will last.

(Last week’s market view summary)