Ample Evidence of A Lively Holiday Real Estate Season In Prospect
We've just seen the latest Coronado area statistics, for October, provided by the Greater San Diego Association of REALTORS® and they again make great reading for current and would be sellers.
Here we have further evidence of the very lively market we are likely to see as the holiday season fast approaches.
Let's look at some of the key takeways (for single family homes).
Comparing October 2020 with October 2019:
- New listings fell by 10.5%.
- Closed sales were up by 57.1%.
- Median sales price rose by 18.9% to $2,310,000.
- Percentage of original list price received increased year-on-year by 1.9%.
- Inventory of homes for sale decreased by 41.8%.
- Months supply of inventory in the market fell by over 50% to just 2.9 months.
Year to Date compared with the ten month period to the end of October 2019:
- Pending sales are up by 19.3%.
- Closed sales have increased by 18.4%.
- Median sales price has moved up by 10.5%.
- Days on market until sale has fallen by 8.6%.
The market for townhouses and condos also remains very buoyant with an impressive 220% increase in closed sales compared with October last year and 5% median sales price growth in the year to date, compared with the same timespan in 2019. Percentage of original list price received has also increased by 3% so far this year. Inventory is also in steady decline, with a 23% fall in the number of homes for sale compared with the previous October. There are currently just 3.7 months of inventory in the market right now.
The message is once again loud and clear that buyers are out in force and supply is low. This continues to create tremendous opportunities for sellers as the holidays begin to move into view, with high demand and low inventory reinforcing the seller's market conditions we've been seeing for some time now, resulting in very robust asking prices, reduced competition and consequently higher market visibility for those sellers who are wisely listing right now.
It's just a great and highly positive selling environment, so why not contact us at 619-886-0175 and discuss the possibilities, bearing in mind that the holidays always sees some of the most motivated buyers in the entire 12 month cycle!