Current prices for homes on the market
Trends in pricing
Current levels of supply and demand
market update
CORONA DEL MAR
92625
2008-09-19
Report for the week of
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To see everything available in the Corona del Real Estate Market click below
http://www.2newportbeach.com/content/corona-del-mar-mls.php
The median single family home price in CORONA DEL MAR this week is $2,599,999. The 103 homes have been on the market for an average of 156 days.
THIS WEEK
Most Expensive Listing
Least Expensive Listing
Median List Price
Average List Price
Real-Time Market Profile Trend
Total Inventory
$ 2,599,999
$ 3,750,746
$ 75,000,000
$ 1,079,500
103
Average Days on Market 156
Asking Price per Square Foot $ 1,010
Absorbed This Week* 6
Percent of Properties with Price Decrease 44 %
Percent Relisted (reset DOM) 15 %
Percent Flip (price increased) 6 %
City Overview CORONA DEL MAR
Even though the days-on-market is trending higher, so is the Market Action Index at these inventory levels, providing a neutral outlook 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
*Metric “Absorbed this Week” covers properties sold and those taken off the market for other reasons.
Since sales sometimes take months to close, it is impossible to discern in real-time exactly which properties
sold.
3,185 4.0 4.0 46 25 2 2 Most expensive 25% of homes
6,501 - 8,000
1 $ 4,595,000 sq ft 146
2,800 4.0 4.0 40 26 1 1 Upper-middle 25% of homes
4,501 - 6500
2 $ 3,249,500 sq ft 196
2,525 4.0 3.0 41 26 1 1 Lower-middle 25% of homes
8,001 - 10,000
3 $ 2,325,000 sq ft 155
1,930 3.0 3.0 41 26 3 2 Least expensive 25% of homes
6,501 - 8,000
4 $ 1,579,250 sq ft 128
2media Info Market Update for CORONA DEL MAR 22Media Info | http://www.2mediainfo.com
PRICE
The market seems to have paused around this plateau. The Market Action Index is a good leading indicator for the durability of this trend.
QUARTILE PRICES
Pricing trends have been lacking strong directional indication lately. Prices in Quartiles 3 and 4 have been mixed in recent weeks, while Quartile 2 is up and Quartile 1 is down. Look to the Market Action Index to determine when we may see a shift in prices from these
current levels. Often, we find insights by watching pricing trends within the quartile segments.
2media Info Market Update for CORONA DEL MAR 32Media Info | http://www.2mediainfo.com
Despite recently falling prices, the price per square foot has stayed reasonably flat. This implies that there’s a portion of the market being priced at a premium. You can investigate this condition in the quartile details.
PRICE AND VALUE
INVENTORY
Inventory has been relatively steady around these levels in recent weeks.
2media Info Market Update for CORONA DEL MAR 42Media 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.
Home sales have been exceeding new inventory for several weeks. However because of excess inventory, prices have not yet stopped falling. Should the sales trend continue, expect prices to level off soon and potentially to resume their climb from there. Watch prices as the market transitions from a Buyer’s market to a Seller’s market.
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 52Media Info | http://www.2mediainfo.com
DAYS ON MARKET (DOM)
The properties have been on the market for an average of 156 days. Half of the listings have come newly on the market in the past 126 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 62Media Info | http://www.2mediainfo.com
Neighborhood Detail 92625
CORONA DEL MAR
http://www.2newportbeach.com/content/corona-del-mar-properties.php
Most Expensive Listing
Least Expensive Listing
Median List Price
Average List Price
Real-Time Market Profile Trend
Total Inventory
$ 2,599,999
$ 3,750,746
$ 75,000,000
$ 1,079,500
103
Average Days on Market 156
Asking Price per Square Foot $ 1,010
Absorbed This Week 6
The median single family home price in CORONA DEL MAR Realty 92625 this week is $2,599,999.
THIS WEEK
Median Number of Bedrooms
Median Number of Bathrooms
Median House Size (sq ft)
Median Lot Size
Median Age
2,797
3.8
3.0
40
Altos Research Value Statistics
6,501 - 8,000 sq ft
Market Action Index Cold! Buyer’s 13
Even though the days-on-market is trending higher, so is the Market Action Index at these inventory levels, providing a neutral outlook for the market.
PRICE
We continue to see prices in this zip code bouncing around this plateau. Look for a persistent upshift in the Market Action Index before we see prices move from these levels.
2media Info Market Update for CORONA DEL MAR Homes for Sale 2Media Info | http://www.2mediainfo.com
PRICE PER QUARTILE
In the quartile market segments, we see the market without strong directional trend lately. Prices in Quartiles 3 and 4 have been mixed in recent weeks, while Quartile 2 is
up and Quartile 1 is down. Look to the Market Action Index to determine when we may see a shift in prices from these current levels.
Characteristics per Quartile QUARTILES
Bed Bath
Med. Sqft Med.
Age Inven. New
AbQuart
Median Price Med. Lot Size sorbed
Avg.
DoM
3,185 4.0 4.0 46 25 2 2 Most expensive 25% of homes
6,501 - 8,000
1 $ 4,595,000 sq ft 146
2,800 4.0 4.0 40 26 1 1 Upper-middle 25% of homes
4,501 - 6500
2 $ 3,249,500 sq ft 196
2,525 4.0 3.0 41 26 1 1 Lower-middle 25% of homes
8,001 - 10,000
3 $ 2,325,000 sq ft 155
1,930 3.0 3.0 41 26 3 2 Least expensive 25% of homes
6,501 - 8,000
4 $ 1,579,250 sq ft 128
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,
smaller homes have more influence on overall prices.
PRICE AND VALUE
2media Info Market Update for CORONA DEL MAR Real Estate homes for sale 2Media Info | http://www.2mediainfo.com
INVENTORY
Inventory has been climbing lately with 103 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.
MARKET ACTION INDEX
MARKET ACTION
Not surprisingly, all quartiles are in the Buyer’s Market zone with several months of inventory given the current levels of demand. Watch the quartiles for changes before the overall market shifts.
2media Info Market Update for CORONA DEL MAR 9
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Current prices for homes on the market
Trends in pricing
Current levels of supply and demand
Value metrics
market update2media Info
NEWPORT COAST
92657
2008-09-19
Report for the week
The median single family home price in NEWPORT COAST this week is $3,695,000. The 172 homes have been on the market for an average of 147 days.
If you are looking for a Newport house than click here for the most exclusive search for Newport Beach real estate on the internet.
http://www.2newportbeach.com/content/newport-coast-real-estate
Some other areas of interest in the Newport beach area include Corona del Mar, Pelican Hill, Big Canyon, One Ford Road, Balboa Island, and Spyglass.
THIS WEEK
Average Days on Market 147
Asking Price per Square Foot $ 840
Absorbed This Week* 14
Percent of Properties with Price Decrease 40 %
Percent Relisted (reset DOM) 9 %
Percent Flip (price increased) 5 %
Even though the days-on-market is trending higher, so is the Market Action Index at these inventory levels, providing a neutral outlook 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.
2newportbeach.com not only indexes the most luxurious homes for sale in Newport Beach, we also supple the Newport rentals for the more affluent at
http://www.2newportbeach.com/content/newport-coast-rentals.php
QUARTILES
Characteristics per Quartile
0.25 - 0.50 Most expensive 25% of homes
1 $ 6,995,000 7,343 acre 5.0 6.0 7 43 3 5 177
0.25 - 0.50 Upper-middle 25% of homes
2 $ 4,295,000 4,100 acre 4.0 5.0 4 43 1 1 133
3,816 4.0 4.0 4 43 3 2 Lower-middle 25% of homes
8,001 - 10,000
3 $ 2,895,000 sq ft 114
2,700 4.0 3.0 8 43 2 6 Least expensive 25% of homes
6,501 - 8,000
4 $ 1,798,500 sq ft 164
We’ll refer to the quartiles in the
trend graphs below.
2media Info Market Update for NEWPORT COAST 22Media Info | http://www.2mediainfo.com
PRICE
Prices hit another all time high this week. Given current conditions, prices continue to march higher. A persistent drop of the Market Action Index into the Buyer’s zone will be a leading indicator of the price strength subsiding.
QUARTILE PRICES
Pricing in the middle of the market is in an up trend lately, while Quartiles 1 and 4 are mixed. The Market Action Index for Quartiles 1 and 4 can tell us whether they are about to resume an upward price trend or whether we’re at the beginning of a decline. Often, we find insights by watching pricing trends within the quartile segments.
2media Info Market Update for NEWPORT COAST real estate agent 32Media Info | http://www.2mediainfo.com
While prices have been basically flat, the price per square foot has been heading downward. While not a sign of broad strength in a market, larger homes are coming more available and buyers are tending to get more home for their money.
PRICE AND VALUE
INVENTORY
Inventory has been relatively steady around these levels in recent weeks.
2media Info Market Update for NEWPORT COAST realty 42Media Info | http://www.2mediainfo.com
The NEWPORT COAST 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. Home sales have been exceeding
new inventory for several weeks. Since this is a Buyer’s market prices are not yet moving higher as excess inventory is consumed. However, the as supply and demand trends continue, the market moves into the Seller’s zone, and we are likely to see upward pressure on pricing.
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.
Neighborhood Detail 92657
NEWPORT COAST real estate
Asking Price per Square Foot $ 840
Absorbed This Week 14
The median single family home price in NEWPORT COAST 92657 this week is $3,695,000.
THIS WEEK
Even though the days-on-market is trending higher, so is the Market Action Index at these inventory levels, providing a neutral outlook for the market.
PRICE
Prices in this zip code hit another all time high this week. You can see that prices continue to march higher. Look for a persistent downtrend in the Market Action Index into the Buyer’s zone as a leading indicator of the price strength finally abating.
2media Info Market Update for NEWPORT COAST 72Media Info | http://www.2mediainfo.com
PRICE PER QUARTILE
In the quartile market segments, we see the middle of the market in this zip code staying on an up trend lately, while Quartiles 1 and 4 are mixed. The Market Action Index for Quartiles 1 and 4 can tell us whether they are about to resume an upward price trend or whether we’re at the beginning of a decline.
Characteristics per Quartile QUARTILES
Bed Bath
Med. Sqft Med.
Age Inven. New
AbQuart
Median Price Med. Lot Size sorbed
Avg.
DoM
0.25 - 0.50 Most expensive 25% of homes
1 $ 6,995,000 7,343 acre 5.0 6.0 7 43 3 5 177
0.25 - 0.50 Upper-middle 25% of homes
2 $ 4,295,000 4,100 acre 4.0 5.0 4 43 1 1 133
3,816 4.0 4.0 4 43 3 2 Lower-middle 25% of homes
8,001 - 10,000
3 $ 2,895,000 sq ft 114
2,700 4.0 3.0 8 43 2 6 Least expensive 25% of homes
6,501 - 8,000
4 $ 1,798,500 sq ft 164
In a market where prices are rising fairly consistently, price per square foot is essentially flat. This often implies that new homes coming on the market are pricier, and also larger than older homes. As a result the value one can buy stays the same.
PRICE AND VALUE
The NEWPORT COAST 92657 is quite strongly in the Buyer’s Market zone. 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.
MARKET ACTION INDEX
MARKET ACTION
Not surprisingly, all quartiles are in the Buyer’s Market zone with several months of inventory given the current levels of demand. Watch the quartiles for changes before the overall market shifts.
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