Corona Del Mar Real Estate Market Forecast 2023

Dr. Oscar Chavez  |  September 12, 2023

Corona Del Mar Real Estate Market Forecast 2023

The Corona del Mar real estate market 2023 is poised for continued growth and activity. With a 22% increase in the number of homes for sale in June 2023 compared to the previous month, there is a healthy supply of properties available.

Moreover, the number of homes sold has seen a significant uptick of 32% compared to the previous month, indicating strong demand in the market. Notably, larger homes ranging from 2500 to over 5500 square feet have been particularly sought after.

Neighborhood overview

Corona del Mar, located in Orange County, California, is a picturesque coastal neighborhood known for its stunning views, affluent lifestyle, and charming community. Translated as "Crown of the Sea" in Spanish, Corona del Mar lives up to its name with its breathtaking ocean vistas and pristine beaches.

The neighborhood is situated on a bluff overlooking the Pacific Ocean, offering residents and visitors alike a tranquil and serene atmosphere. Its coastal location makes it a haven for outdoor enthusiasts who enjoy activities such as swimming, surfing, and sunbathing. The famous Corona del Mar State Beach is a popular destination, attracting locals and tourists year-round.

Corona del Mar is renowned for its luxurious homes, upscale shopping, and fine dining establishments. The main thoroughfare, Pacific Coast Highway, features a variety of boutique shops, art galleries, and high-end boutiques, catering to the affluent residents of the area. Fashion Island, a premier shopping center, is located nearby and offers a wide range of upscale retail stores and restaurants.

The neighborhood also boasts well-maintained parks and green spaces, providing opportunities for outdoor recreation and family-friendly activities. The Sherman Library and Gardens, a horticultural oasis, showcases a diverse collection of plant species and offers a peaceful retreat for nature lovers.

With its idyllic coastal setting, affluent lifestyle, and a strong sense of community, Corona del Mar has become a sought-after place to live and visit in Southern California. Its beauty, amenities, and proximity to the ocean make it an appealing destination for those seeking an upscale coastal living experience.

Home prices

In the context of analyzing the current state of housing prices in a coastal community, it is noteworthy to observe the recent prices of homes sold in the area across different categories.

The data reveals that the average price of a home sold in 2023 was roughly $2,400,000. With the average detached home selling for $2,625,000 and the average condo selling for $2,243,880.

These patterns suggest that buyers in Corona del Mar prefer larger, luxurious homes. Consequently, understanding these trends can aid prospective buyers or sellers in making informed decisions regarding home purchases or listings in the area.

Sales activity

The current sales activity in the coastal community of Corona del Mar, CA reveals interesting trends and preferences among buyers regarding home sizes.

In terms of detached homes, there were 12 sales reported, there were notable sales in the size categories of 2,000 to 2,500 square feet (2), 2,500 to 3,000 square feet (3), and over 5500 square feet (3). During the same period, there were 10 condos or other attached homes sold.

These data points indicate that buyers in Corona del Mar show a preference for larger-sized detached homes compared to attached properties.

Market trends

Market trends in the coastal community of Corona del Mar reveal important patterns and preferences among buyers when it comes to the sizes of homes they are purchasing. The data shows that sales heated up in the spring, as is typical of buying patterns in a strong housing market.

Understanding these market trends can help potential sellers and developers tailor their offerings to meet buyer preferences and maximize their chances of success in the Corona del Mar real estate market.

School ratings

School ratings in the coastal community of Corona del Mar can provide valuable insights into the educational quality and reputation of the area, making them a crucial consideration for families seeking a nurturing environment that fosters academic excellence.

The ratings serve as an objective measure of a school's performance, taking into account factors such as student achievement, teacher qualifications, and resources available.

The top schools in Corona del Mar have been given an A+ rating by niche.com. This indicates that students attending these schools receive a quality education and are well-prepared for future endeavors. High-performing schools often attract families who prioritize their children's education, which can lead to increased demand for homes in the area.

Additionally, properties near reputable schools tend to command higher prices due to their perceived value. Therefore, potential buyers or investors looking into the real estate market in Corona del Mar should consider the school ratings as they can significantly influence their decision-making process.

Local amenities

A key aspect to consider when evaluating the neighborhood of Corona del Mar is the abundance of local amenities available to residents and potential homebuyers.

This coastal community offers a plethora of grocery stores, cafes, and restaurants, providing convenience and options for its residents. Whether looking for everyday essentials or a culinary adventure, Corona del Mar has it all.

Additionally, the area boasts numerous recreational opportunities with its beautiful beaches and parks nearby, allowing residents to enjoy outdoor activities and leisurely strolls along the coast.

The availability of these amenities adds value to the neighborhood's appeal and contributes to a desirable living experience in Corona del Mar.

Housing options

Numerous housing options are available in Corona del Mar, offering a range of choices for potential homebuyers. Prospective residents can find various detached and attached homes to suit their preferences.

With these diverse options available, potential buyers in Corona del Mar can choose from various housing styles and sizes that cater to their specific needs and preferences.

The market is heating up with the summer weather in Corona Del Mar

The Corona del Mar real estate market is experiencing substantial growth and activity. With a significant increase in the number of homes for sale and sold, this market is thriving like never before.

June 2023 was an excellent month for home sales. Buyers are scrambling to secure their dream homes. With low volume and increased demand, it looks like the remainder of 2023 will be a competitive sellers' market. Even top-value homes are on the market, such as this $22 million home of Angels baseball player Gary Matthews.

Take advantage of this extraordinary opportunity in Corona del Mar; whether you are buying or selling, 2023 looks like an excellent year for the city. Be sure to contact Flourish Real Estate so we can take care of you!




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