The median list price in Corona del Mar this week is $3,847,000. With inventory trending up but days-on-market trending down and the Market Action Index essentially flat recently, conditions do not seem to have strong up or down pull.
Supply and Demand
Inventory levels have been relatively consistent relative to sales. Despite the fact that there is a relatively high amount of available inventory, this Buyer’s market is still seeing prices move higher. Given inventory levels, these price conditions are relatively fragile. If the market cools off further, the price trend is likely to reverse.
Price
While this week the median price in this zip code didn’t fluctuate much, we are relatively clos to the market’s high-water mark. Watch for persistent downward shift in the Market Action Index into the buyer’s zone as a a leading indicator of the price strength subsiding.
