Real estate news recently released by DataQuick, reflected a 25.4% decrease of the average single family home sales price in Orange County.
With the interest in Corona Del Mar real estate market trends, learning how Corona Del Mar realty compares for the period December 2007 to December 2008, is important for buyers and sellers of real estate.
Take a look at the charts below for Corona Del Mar real estate. All of the charts reflect activity for single family homes in Corona Del Mar, CA.
The first chart shows a Median Sold Price increase of 14%. Considering the overall downward pressure on real estate pricing, seeing appreciation from Corona Del Mar homes sold is great!
The chart below, The Number of For Sale Properties By Month, shows the number of homes for sale has increased by 11%.
The chart below, The Number of New Properties Listed by Month, shows the supply of single family homes for sale increased by 17%. January is the most popular time of the year to put a home on the market.
The next chart, Supply & Demand by Month, indicates the number of for sale properties is up 11% and the number of sold properties is up 100%.
The chart below, Months Supply of Inventory, indicates the average months supply of inventory is down 17%. With 23 months of available inventory, it is still a strong buyers market.
And finally, The Number of Under Contract Properties by Month, shows the number of under contract properties is up by 33%.
Imagine, 14% appreciation in a buyers market! Corona Del Mar continues to be a bright spot.
I have more charts available. Would you like to see more? All of them?
Armed with the information contained in these charts, what is your opinion of the Corona Del Mar real estate market?
Please leave a Comment. Get the conversation started.
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{ 5 comments… read them below or add one }
This data is totally misleading. If you want to put up things like CDM prices up 11%, why don’t you show number of sales and comps. Its this kind of crap that got us into this mess. Realtors are constantly trying to convince people that prices have stabilized. They haven’t and you know it. The beach communities are going to see falling real prices for the next 3-5 years.
Ken, thanks for your comment. I appreciate you taking the time to post.
Did you take a good look at the charts? The questions you ask about the comps are right there. The numbers you see are real. I am not putting up lies. What good would that do?
The company that provides the charts takes the information directly from the Multiple Listing Service. The results are for Single Family homes – attached and detached. It does not include condos. The information compares December 2007 to December 2008. Other than indicating the city and dwelling types, I have zero control on the report results. In other words, I’m not making this stuff up.
Check out my other posts for Crystal Cove and Newport Beach. Those posts are not pretty pictures.
Truthfully, I was surprised to see the increase in values. I ran the report twice just to be certain. I am not trying to convince anyone about anything. I am just reporting the news and giving opinions.
As for the future, I misplaced my crystal ball, so I can’t say what is going to happen in the next 3-5 years. I will tell you this — there is a tremendous amount of interest in Newport Beach real estate from all over the world.
With regards to other Realtors and what they say – It’s difficult enough keeping my head straight with my business to be concerned with what other Realtors are telling folks. I’m just trying to do my job.
As for the mess we are in – it’s way bigger than Realtors talking about the market. It started with greed from every direction. But that’s another discussion.
Thanks again for your comments.
Michael
Your charts indicate an increase in median prices. That is amazing, your area is one of the few I have seen this around the country. Why would you say that Corona Del Mar is having a strong resistance to the macro market pressures?
The easy answer – Corona Del Mar is really popular. As in all real estate, the location plays a huge role. The close proximity of CDM to the beaches, dining, entertainment and shopping make it a strong draw for folks. When the market was going gangbusters, inventory was slim and prices soared. Now, inventory is up, but demand for good properties continues.
Maybe the numbers for the period I charted were an anomaly. I am going to run another report in Febuary to see what’s happening for the 07-08 January period. It would really defy the market to see appreciation again.
I hope this answers your question. Thanks for stopping by!
Maybe the folks in CDM are just a bit slow.