The Corona Del Mar real estate market, part of the larger Newport Beach and Orange County housing markets, is poised for a sharp gain in median price, according to a new economic report from UCLA. An October 26, 2010 article from the Orange County Register noted that “Orange County will have a half-million-dollar housing market again by 2012, and home sales volume will rebound by a whopping 43% over the next two years, according to the latest UCLA Anderson Forecast for the O.C. housing market. Economists with UCLA’s Anderson Forecast foresee O.C. home prices climbing above $500,000 in 2012 for the first time since April 2008. Prices are expected to appreciate from 6.6% to 9.3% a year through 2015 — and, all told, grow 49% in the next six years. By 2016, prices may be back to, or just under, the all-time highs reached at the pinnacle of the housing boom. As for home sales, UCLA foresees transactions jumping 27.5 in 2011 and continuing to climb through 2014, almost reaching the boom-time levels. “Expect a sluggish housing market for the remainder of this year and into next spring,” the forecast states. “At that time, pent up demand, rising affordability, and dissipating fear of a faltering economy should push sales higher.”
For the moment, however, Corona Del Mar homes for sale seem to be stuck in a rut, showing relatively little negative or positive momentum. According to an October 19, 2010 report from the Orange County Register, “The Orange County housing market appears to be "sitting tight," locked in the grip of economic uncertainty that's taken hold in the waning months of summer, new housing figures show. DataQuick figures released Tuesday show little movement – either up or down -- in home sales or home prices. The median price of an Orange County home – or price at the midpoint of all sales – was $445,000, the housing market tracker reported. That's virtually unchanged from medians reported for the county since May. And at 2,524 total transactions, September sales numbers were virtually unchanged since July…There still are plenty of signs that could justify a glass-half-full view of the market: The median sales price for the month was up 3.7 percent from a year ago. The most recent median is 20 percent above the housing slump bottom of $370,000 hit in January 2009.”
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