Corona del Mar is one of the highest-priced communities in terms of real estate in Orange County, California, one of the highest-priced communities in terms of real estate in all of America. The city is upscale and is a community containing a large swath of luxurious homes. In recent years, the Corona del Mar real estate market has struggled as the effects of the economic recession spread to the city, causing many homeowners to see the values of their homes plummet and the historically low number of foreclosures in Corona del Mar to rise.
Despite lower values and sales figures, homes for sale in Corona del Mar are still some of the most expensive homes for sale in Orange County, ranking third, behind only Newport Beach and Newport Coast, based on August sales figures. According to the Orange County Register's monthly sales activity chart, in August, the median price for homes sold in Corona del Mar was $1.35 million, down 23% from a year earlier. Although the prices fell annually, sales activity in August actually saw a rise of 13.4% year over year, with 169 Corona del Mar homes sold.
According to statistics, the median listing price for homes for sale in Corona del Mar at the end of September was $2.5 million, while the average listing price was even higher, at $3.8 million. The market's inventory stood at 138 homes for sale, with an average size of 2,820 square feet and an average number of four bedrooms, with an average age of 42 years. The average price per square foot stood at $872 at the end of September. Homes were selling at an average pace of four per week, and homes on the market were spending an average of 204 days up for sale before closing. Further statistics show that Corona del Mar home prices have been quite volatile over the past year, plunging to a 12-month low of $2.3 million in late January, rising to a high of $2.67 million. Throughout most of the year, however, they have maintained at around $2.5 million.