Coronado Sales Update: Single Family Homes July 25, 2011

 Would you like to see what has and is happening in Coronado home sales?  We have a weekly report that tracks both current and past activity.  Sometimes the past is the precusor to the future.  Someone important said that.  Unfortunately I can't remember who it was, but it sounds good.

If you want to read the full 6 page report for Coronado home sales, just click our Coronado Market Update.

There are additional reports for Coronado condo sales, so if you would like a FREE copy of the Coronado Market Update, just let us know.

This is a series of articles from Sharyn and Victoria Crown.

Coronado Condos: 1101 1st #411 June's Most Expensive Condo Closing

Sometimes it is interesting to look at what is offered for sale in Coronado and what is actually selling in Coronado. June 2011 saw 7 Coronado MLS condo closings ranging from a low of $485,000 to a high of $1,845,000.  The highest priced closed MLS condo sale for June is located at the Coronado Point and closed at $1,845,000. Since the condo was listed at $1,999,999, this appears to be an 8% reduction from asking price.  In today's market, that seems to be pretty good.

Sometimes appearances can be deceiving.  Although this closed sale price is 8% off the asking price, the drop from last year's listing price of $2,950,000 is really a 37.5% price drop.  Did the Coronado market drop 37.5% over the last year or was the property initially overpriced?   I would say there has been a small price softening in Coronado, but realistically, the initial listing price was not realistic for the marketplace. 

Coronado has been one of the last markets where sellers have accepted market realities. Coronado owners tend, for the most part, to have sufficient equity in their property to ride out a bad market. However, those who find themselves in the position to sell have slowly learned they have to become realistic in their offering and sale price.  Affluent buyers are smart people.  They watch their pennies and dollars as well as anyone else, and sometimes even better.  That is why they are affluent.

Last year's price for this 3Br/3Ba 2518 square foot unit was $1171.56 per square foot. This year's closing price of $732.72 is how we calculated the 37.5% price reduction from last year's pricing. Numbers tend to tell the story.  Either over pricing in the beginning or a horrible market.  Since the Coronado real estate market is not horrible, the obvious choice is overpricing.

A friend of mine always says, "Price sells in any market."  Too true.

This is a series of articles by Sharyn and Victoria Crown, San Diego real estate agents.

Coronado Village Market Statistics for 1st 6 Months of 2011

Coronado is geographically and mentally divided into three separate areas.  There is the Coronado Village, Coronado Shores and Coronado Cays.  Generally people purchasing in Coronado are very specific about what they want.  Coronado Village owners and potential buyers love the small town Mayberry feel the Coronado Village offers.  

Even though the Coronado Village seems like a small town, it is comprised of very sophisticated owners who know what they want and have the money to pay for what they want.  Here is a simple representation of Coronado sales for the first six months of 2011.  Sometimes graphs are easier to understand than an excel file of numbers.

Based on the most current Sandicor Multiple Listing numbers, there is an approximate 37% sell rate in the Coronado Village.  What this means to a seller is that you have a little over 1/3 of a chance to sell your home in the Village.  The unusual thing about Coronado sales is that not all sales are reported to the MLS, and some of the MLS sales have a "nondisclosure deed" and do not have their sale price disclosed. More affluent areas tend to have owners who crave privacy, and although nondisclosure deeds are not in the majority, we do see sales that do not have reported prices.

Compared to other parts of San Diego County, Coronado has a relatively small number of contingent sales.  A contingent sale is a short sale that is awaiting bank approval.  Some short sales close.  Some short sales become foreclosures because the banks are too inflexible.

As you can see from this graph, there is over 57% of active inventory compared to pendings (in escrow listings) and closed sales.  A really simple method to check out months of inventory is to divide the current inventory by the number of average sales per month. If you use that math, you have approximately 11 Village homes sold a month for the first 6 months of 2011.  Using current Coronado Village inventory of 87 listings, there is approximately 8 months of inventory available in the Village.

This is a series of article by Sharyn and Victoria Crown, San Diego real estate agents and brokers.

Downtown San Diego Condos: Across the Bridge in Coronado

Since Coronado is just across San Diego Bay and where my office is, we like to compare Coronado and Downtown San Diego sale statistics.  Since  the Downtown San Diego real estate market is one of condos, there isn't a comparison with Coronado single-family homes.  For those of you interested in Coronado condos, that will be in tomorrow's blog.  For now here is the statistical report for Coronado sold homes.  If you would like the entire 5 page report, just click Coronado SFR January 2010 Sales.

This is a series of articles by Sharyn and Victoria Crown, Downtown San Diego real estate agents.