Corona Del Mar housing market

The Corona Del Mar housing market, a subsidiary of the much larger Orange County real estate market, saw strong signs of improvement in the month of May, echoing a trend throughout the entirety of the Golden State. According to a June 22, 2010 report from the Orange County Business Journal, The average sales price of an Orange County single family home rallied by 14% from the month of April 2010 to May 2010. It stated that “The median price for an existing stand-alone OC home sold in May was $505,750, a 3% increase from a month ago and a 6.7% jump in median pricing from a year ago. The area’s median sales price now is up nearly 20% from the recent bottom of the market, seen in January 2009…The number of sales here rose about 16% from a month earlier, and increased 18.5% from a year ago, the Realtor association said. The association excludes condominiums from its figures. Including condos, the median price of an OC home sold in May was $450,000, a $40,000 or 9.8% increase from a year ago, and a $20,000 increase from April levels...The median sales price of an existing home in California was $324,430 in May, about a 6% increase from April and a 23% increase from a year ago, according to the Realtor association. Statewide median prices are up about 32% from the bottom of the market, but still stand 45% below the peak mid-2007 median price of $594,530.”

The average sales price and volume for Corona Del Mar real estate was still far off from its peak, achieved a few months before the economy collapsed. This trend among Corona Del Mar houses for sale was echoed in the larger California housing market, according to a June 22, 2010 report from Bloomberg Businessweek. It noted that “California house prices rose 23 percent in May from a year earlier as homebuyers took advantage of government tax credits, the state’s Realtors group said. The median price of an existing single-family home was $324,430…It was the fifth straight monthly increase of at least 10 percent, the Los Angeles-based group said. Prices rose 5.9 percent from April. California home prices were helped by homebuyer tax credits, the association said.”