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Current prices for Corona del Mar homes for sale on the market
Trends in pricing
Current levels of supply and demand
market update
92625
2008-10-03
Report for the week of
Presented by 2media Info
949-723-3160
The median single family home price in CORONA DEL MAR REAL ESTATE this week is $2,600,000. The 113 homes have been on the market for an average of 150 days.
Corona del Mar is a unique seaside community that offers everything anyone would want in one place. We have beautiful and rugged coastline that offers everything from world class sport fishing to top notch surf spots. We also have the arts with the Newport Beach Museum and The Segerstrom Performing Arts Center. Families looking to settle in Corona del Mar will find unique luxury real estate with oceanfront addresses. The Corona del Mar real estate market is always a hot in the Corona del Mar Ca. Homes for sale market. I f living directly on the water is where you see yourself that go to www.2newportbeach.com and and click on the Dockside Estates and shop for your dream home there.
THIS WEEK
Most Expensive Listing
Least Expensive Listing
Median List Price
Average List Price
Real-Time Market Profile Trend
Total Inventory
$ 2,600,000
$ 3,888,058
$ 75,000,000
$ 1,079,500
113
Average Days on Market 150
Asking Price per Square Foot $ 1,032
Absorbed This Week* 5
Percent of Properties with Price Decrease 44 %
Percent Relisted (reset DOM) 13 %
Percent Flip (price increased) 4 %
City Overview CORONA DEL MAR
6,501 - 8,000 sq ft
Altos Research Value Statistics
Market Action Index
Median Number of Bedrooms
Median Number of Bathrooms
Median House Size (sq ft)
Median Lot Size
Median Age
2,783
3.9
3.0
41
Cold! Buyer’s 13
Altos Research calculates the Market Action Index which measures available supply
relative to the current level of demand. Index value above 30 indicates conditions favor
the seller. See the section below for full details.
Days-on-market has been trending up recently but the Market Action Index and inventory levels are basically flat and not providing strong indications for the market. To get a tightly targeted
understanding of homes in the market, we break each locale into quartiles. Each quartile is 25% of the homes listed.
QUARTILES
Characteristics per Quartile
3,409 4.0 5.0 40 28 1 0 Most expensive 25% of homes
6,501 - 8,000
1 $ 4,697,500 sq ft 133
2,860 4.0 4.0 42 28 1 0 Upper-middle 25% of homes
6,501 - 8,000
2 $ 3,200,000 sq ft 184
2,610 4.0 3.0 40 28 4 1 Lower-middle 25% of homes
8,001 - 10,000
3 $ 2,399,000 sq ft 169
2,016 3.0 3.0 44 29 3 4 Least expensive 25% of homes
4,501 - 6500
4 $ 1,599,000 sq ft 118
We’ll refer to the quartiles in the trend graphs below.
2media Info Market Update for CORONA DEL MAR 22Media Info | http://www.2mediainfo.com
PRICE
Despite this week’s down tic, the market seems to have paused around this plateau. The Market
Action Index is a good leading indicator for the durability of this shift.
QUARTILE PRICES
Prices have generally settled at a plateau, although Quartile 1 has been trending a bit downward in recent weeks. We’ll need to see a persistent shift in the Market
Action Index before we see prices across the board move from these levels. Often, we find insights by watching pricing trends within the quartile segments.
2media Info Market Update for CORONA DEL MAR HOMES 2Media Info | http://www.2mediainfo.com
We’re seeing fairly unusual market conditions as prices have been in a downward trend but price per square foot is actually increasing. (Buyers are paying less and getting less home for their money.) Anomalies like these can be attributed to micro-location variables.
PRICE AND VALUE
INVENTORY
Inventory has been relatively steady around these levels in recent weeks.
2media Info Market Update for CORONA DEL MAR 2Media Info | http://www.2mediainfo.com
The CORONA DEL MAR market is currently quite strongly in the Buyer’s Market zone (below 30). The 90-day Market Action Index stands at 13. With several months of inventory available at the current sales rate, buyers should find ample choice. 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.
The Market Action Index (MAI) illustrates the balance between supply and demand
using a statistical function of the current rate of sale versus current inventory.
An MAI value greater than 30 typically indicates a “Seller’s Market” (a.k.a. “Hot
Market”) because demand is high enough to quickly gobble up available supply. A
hot market will typically cause prices to rise. MAI values below 30 indicate a
“Buyer’s Market” (a.k.a. “Cold Market”) where the inventory of already-listed homes
is sufficient to last several months at the current rate of sales. A cold market will
typically cause prices to fall.
Residential house prices are a function of supply and demand, and market MARKET ACTION INDEX
conditions can be characterized by analyzing those factors. Watch this index for
sustained changes: if the index falls into the Buyer’s Market zone for a long period,
prices are likely in for a downward correction.
Not surprisingly given the overall Market Action Index, all quartiles are in the Buyer’s Market zone with several months of inventory given the current rate of demand for homes in the quartile. Watch the quartile for changes before the overall market shifts. Often one end
of the market (e.g. the low end) will improve and signal a strengthening market before the whole group changes.
The quartiles can help you answer the question, “How hot is the market for homes
in my price range?”
MARKET ACTION
2media Info Market Update for CORONA DEL MAR HOMES FOR SALE 2Media Info | http://www.2mediainfo.com
DAYS ON MARKET (DOM)
The properties have been on the market for an average of 150 days. Half of the listings have come newly on the market in the past 119 or so days.
DOM PER QUARTILE
It is not uncommon for the higher priced homes in an area to take longer to sell than those in the
lower quartiles.
2media Info Market Update for CORONA DEL MAR HOME 2Media Info | http://www.2mediainfo.com
Neighborhood Detail 92625
CORONA DEL MAR
Most Expensive Listing
Least Expensive Listing
Median List Price
Average List Price
Real-Time Market Profile Trend
Total Inventory
$ 2,600,000
$ 3,888,058
$ 75,000,000
$ 1,079,500
113
Average Days on Market 151
Asking Price per Square Foot $ 1,032
Absorbed This Week 5
The median single family home price in CORONA DEL MAR 92625 this week is $2,600,000.
THIS WEEK
Median Number of Bedrooms
Median Number of Bathrooms
Median House Size (sq ft)
Median Lot Size
Median Age
2,783
3.9
3.0
41
Altos Research Value Statistics
6,501 - 8,000 sq ft
Market Action Index Cold! Buyer’s 13
Days-on-market has been trending up recently but the Market Action Index and inventory levels are basically flat and not providing strong indications for the market.
PRICE
Recently prices in this zip have settled at a plateau even though they dipped this week. Look for a persistent up-shift in the Market Action Index before we see prices significantly move from these levels.
2media Info Market Update for CORONA DEL MAR 2Media Info | http://www.2mediainfo.com
PRICE PER QUARTILE
In the quartile market segments, we see prices in this zip code have generally settled at a plateau, although Quartile 1 has been trending a bit downward in recent weeks. We’ll need to see a persistent shift in the Market Action Index before we see prices across the board for the Newport Beach Real Estate market move from these levels.
Characteristics per Quartile QUARTILES
Bed Bath
Med. Sqft Med.
Age Inven. New
AbQuart
Median Price Med. Lot Size sorbed
Avg.
DoM
3,409 4.0 5.0 39 28 1 0 Most expensive 25% of homes
6,501 - 8,000
1 $ 4,697,500 sq ft 133
2,860 4.0 4.0 42 28 1 0 Upper-middle 25% of homes
6,501 - 8,000
2 $ 3,200,000 sq ft 184
2,610 4.0 3.0 40 28 4 1 Lower-middle 25% of homes
8,001 - 10,000
3 $ 2,399,000 sq ft 169
2,016 3.0 3.0 44 29 3 4 Least expensive 25% of homes
4,501 - 6500
4 $ 1,599,000 sq ft 118
The value placed on homes continues to increase, despite the fact that prices in general have
been basically flat recently. These conditions can arise when inventory is light and more, smaller2Media Info | http://www.2mediainfo.com
INVENTORY
Inventory has been climbing lately with 113 properties available this week. Note that rising inventory alone does not signal a weakening market. Look to the Market Action
Index to gauge whether buyer interest is keeping up with available supply. The CORONA DEL MAR 92625 is quite strongly in the Buyer’s Market zone. The 90-day Market Action Index stands at 13. With several months of inventory available at the current sales rate, buyers should find ample choice.
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