Many of my clients ask me if the home prices in Corona del Mar have dropped, what they have dropped to and if they are going to drop even more. I don’t have a crystal ball and do not know how much further the prices here will come down but I do follow the trends and closed sales activity throughout Corona del Mar and Newport Beach on a day-to-day basis. If you want to know if the home prices have dropped in Corona del Mar, the answer to that question is “yes”. And if you want to know what the prices have dropped to, the answer to that question is that the average home sale price in Corona del Mar in 2009 is now closely matched to what the average home sales price was in 2004.
If you look at the chart above; you will see that year-to-date in Corona del Mar, homes today are selling at an average sales price of $1,926,200. The “peak” of the home sales market in Corona del Mar was in 2006; when the average sales price that year was $2,568,566 for a single family home. The “peak” of the condo/townhome market in Corona del Mar was a year later, in 2007, when the average sales price was $1,418,000 for a condo/townhome.
Since the “peak” in the market, Corona del Mar single family home sales prices have dropped 26% and Corona del Mar condo sales prices have dropped 21% from their 2007 sales price peak of $1,418,000.
I welcome your comments and pose a question to visitors of this blog: When do you think it will bottom out in Corona del Mar?
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