This Week’s market View | June 22, 2012

By OCInSite Site Admin | June 21, 2012 1:42 PM

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Corona Del Mar

Median List Price The median list price in CORONA DEL MAR this week is $2,649,500. Demand measured by the Market Action Index is increasing and days-on-market is trending downward. Even as more properties come available, these are positive trends for the market.

Supply and Demand Home sales have been exceeding new inventory for several weeks. While still a buyer’s market, prices seem to have responded by moving upward. If the demand trends continue, expect prices to keep marching upward, especially once we see a seller’s market.

Price                                            
This week saw relatively little price change from last week. However, we continue to demonstrate a nice up trend in general over the past several weeks.

Laguna Beach

Median List Price
The median list price in LAGUNA BEACH this week is $1,999,000. Inventory is up and the Market Action Index is trending down recently. While days-on-market appears to be trending lower, the overall conditions are weakening a bit.
Supply and Demand The Market Action Index has been trending lower for several weeks, while prices have remained relatively stable. If inventory continues to grow relative to demand, however, it is likely that we will see downward pressure on pricing.

Price                                              
We continue to see prices bouncing around this plateau. Look for a persistent up-shift in the Market Action Index before we see prices move from these levels.

Newport Beach

Median List Price
The median list price in NEWPORT BEACH this week is $1,797,000. Inventory is up and the Market Action Index is trending down recently. While days-on-market appears to be trending lower, the overall conditions are weakening a bit.
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 of the homes being listed.

Price                                              
Prices continue their climb again this week. We’re a long way from the market’s price high, so watch the Market Action Index as an indicator of how long this trend will last.

Newport Coast
Median List Price
The median list price in NEWPORT COAST this week is $3,399,750. 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 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.

Price                                              
In the last few weeks, we’ve seen prices bouncing around this plateau. Look for a persistent down-shift in the Market Action Index before we see prices deviate from these levels.