Corona del Mar Real Estate Market Report

Corona del Mar real estate this week of August 24th 2008:

 

Corona del Mar Market Update

The median single family home price in CORONA DEL MAR this week is $2,624,499. The 106 homes have been on the market for an average of 149 days.  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.

 

QUARTILE PRICES

Prices have generally settled at a plateau, although Quartile 2 is on a bit of an up trend 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.  The market plateau is seen across the price and value. The price per square foot and median list price have both been reasonably stagnant. Watch the Market Action Index for persistent changes as a leading indicator before the market moves from these levels.

 

PRICE AND VALUE

INVENTORY

Inventory has been relatively steady around these levels in recent weeks.  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 12. With several months

of inventory available at the current sales rate, buyers should find ample choice.

The market has shown some evidence of slowing recently. Both prices and inventory levels are relatively unchanged in recent weeks. Watch the Market Action Index for changes as it can be a leading indicator for price changes.

 

DAYS ON MARKET (DOM)

The properties have been on the market for an average of 149 days. Half of the listings have come newly on the market in the past 126 or so days.

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