Corona Del Mar Real Estate Market Prices, Trends and Forecast 2023

Corona Del Mar is a picturesque seaside community in Newport Beach. The neighborhood offers natural beauty, coastal charm, and a close-knit community atmosphere. With its idyllic beaches, thriving village center, and breathtaking scenery, Corona del Mar continues to enchant residents seeking an exceptional coastal living experience. As a result, many potential home buyers are interested in settling down in this seaside town. If you want to invest in Corona Del Mar real estate, here is what you need to know about the current market.

When examining Corona Del Mar’s housing market, we’ll look deeper into Newport Beach, as Corona Del Mar is a neighborhood inside the city. Experts have analyzed recent trends in the market, and there have been notable changes when compared to 2022.

In the past year, there has been a decrease in the number of homes sold, indicating a shift in buyer activity. In May 2023, 58 homes were sold, representing a significant decline of 23.7% compared to the previous year. This decline suggests a potential slowdown in buyer demand or other factors impacting the market dynamics in Newport Beach.

Another factor to consider is the average number of days homes spend on the market. In May 2023, homes in Newport Beach were on the market for an average of 23 days. This data demonstrates the pace at which properties are sold, as a shorter average time indicates a more competitive and active market. A longer duration suggests a slower sales pace or a greater supply of properties relative to demand.

However, looking at the amount of inventory available in Newport Beach, there was a decrease in active listings compared to the previous year. In May 2023, Newport Beach had 163 active listings, a reduction of 10.9%. This decrease suggests fewer properties are available for potential buyers, possibly contributing to the shorter average time on the market and the decrease in the number of homes sold.

This data collectively indicates a potential shift in Newport Beach’s market dynamics, influenced by factors such as buyer preferences and economic conditions. Furthermore, the numbers suggest that Corona Del Mar is likely experiencing a similar trajectory.

In May 2023, the Orange County real estate market experienced significant shifts compared to May 2022. The median sales price in the county's real estate market stood at $1,275,000, reflecting a decrease of 1.9% compared to the previous year's prices. However, compared to April 2023, there was an increase of about 4%, as the median sales price was $1,225,000 the previous month.

One of the most significant shifts was the average amount of days properties remained on the market. On average, homes in Orange County took 26 days to sell, a substantial increase of 62.5% compared to last year. This increase suggests a slight slowdown in buyer demand or other factors affecting sales.

The number of homes sold in May 2023 amounted to 1,194, a decline of 20.8% compared to last year. This decrease indicates factors impacting buyer activity or other challenges, such as changes in market conditions, economic factors, or buyer preferences.

In May 2023, the median home prices in Newport Beach significantly declined compared to the previous year, as the median sales price during this period stood at $4,120,000, reflecting a decrease of 6.3%. Despite the decrease, Newport Beach remains an affluent and sought-after location due to its luxurious properties and scenic coastal views. The area attracts buyers seeking upscale living, proximity to the beach, and a vibrant coastal lifestyle.

This decline may also provide opportunities for potential buyers looking to enter the Newport Beach market. When deciding whether to invest, consult with local real estate professionals or experts with up-to-date information on the Newport Beach housing market to comprehensively understand current trends and dynamics and make informed decisions.

Investing in the current Corona Del Mar real estate market is a sound decision, largely due to the rising values of homes and the area’s high desirability. Rental properties are in high demand, as many people flock to Corona Del Mar to experience its beachfront beauty and deluxe amenities. Additionally, the extended duration houses remain on the market creates a more favorable environment for buyers, granting more time for thorough due diligence and negotiation. However, conducting market research, consulting with professionals, and carefully evaluating individual properties before making investment decisions is essential.

With a limited supply of homes, sellers are in an advantageous position to reap the benefits of a successful, fast home sale at a high price. Sellers in 2023 may have the upper hand during negotiations, leading to favorable outcomes.

If you’re looking for a talented and qualified real estate team to help you search for Corona Del Mar real estate, look no further than the team of experts at Weber + Co Group, led by real estate professional Jaime Weber. Weber + Co Group specializes in Orange County real estate, especially Corona Del Mar, and their extensive knowledge of the area proves to be critical during the home buying and selling process. Their unique background offers clients exceptional advantages, including access to off-market properties, exclusive buyer prospects, and potential development projects.

Weber + Co Group is not only committed to providing outstanding real estate services but is also deeply invested in giving back to the community. By choosing Weber + Co Group, you are partnering with a top-notch real estate team and supporting a company dedicated to making a positive impact on Corona Del Mar. Contact Weber + Co Group today to see how they can help guide you through the dynamic and rewarding world of real estate.