Corona del Mar Homes Hardest To Sell In O.C.

Corona del Mar homes have been the slowest to sell in Orange County for the past few months, lending proof to many experts' theory that the more upscale a town is, the harder it is to sell homes.

Market times in the quaint seaside village were last reported as 11.5 months, meaning a home could spend almost a year on the market before being sold. The countywide average is only 3.4 months.

The figures are a comparison of the total supply of homes in an area and the deals in escrow at a given time. Slow markets have a large inventory of homes and not enough sales to keep a healthy pace.

There are currently 184 homes for sale in Corona del Mar, but so far, only 16 have gone into escrow. Its current market time is significantly higher than a year ago, when homes spent an average of 7.3 months on the market.

Other "cool" markets include Laguna Beach, Villa Park, Newport Beach, and Dana Point. Notably, all but one—Villa Park, O.C.'s smallest city—are coastal cities with home price medians close to or exceeding $1 million.

Corona del Mar homes have dropped in value in the past few years, although still among the most expensive in Orange County. The latest median recorded was $815,000, compared to over $2 million before the real estate crash.

On the other hand, the fastest selling market is Talega, with a market time of just 2.2 months. Rounding up the top five are Lake Forest, Ladera Ranch, Aliso Viejo, and Anaheim, all with market times under 3 months.

 

Earlier in Newport Beach Real Estate News:
Newport Wins Award for Best Beaches
Newport Beach Home On Private Island Hits Market for $28 Million
Old Newport Beach Building To Be Transformed