Coronado Home Sellers Saw Big Gains In The Past 12 Months
We have just studied the latest Greater San Diego Association of REALTORS® statistics for Coronado, for January, and they demonstrate some quite dramatic gains for sellers in the past year!
Median price of single family homes increased by an amazing 62.8% year-on-year, to $3,435,000, and by 31% in the condo sector, to $1,850,000.
These figures are an amazing expression of the superb returns that sellers have been enjoying in an extended period where buyer demand has been outstripping supply to a great extent.
And these shortages continue to be reflected in the area stats, with 41.8% fewer homes on the market than a year ago in single family homes and 29.2% less in Condos. This translates to just a two month supply of single family properties (a 50% drop on this time last year) and exactly a third fewer condos in the market.
Unsuprisingly therefore, the average number of days a property is on the market until it sells have fallen year-on-year, by 9.7% to 93 days for single family and by no less than 58.8% less for Condos.
Asking prices are being more closely matched by actual sold prices, with a 6.5% rise in percentage of original single family home list price received (96.2%), and a 3% improvement for condos in this category (94%). Closed sales rose by 88.9% for single homes, compared with January 2020.
Given the levels of buyer enthusiasm we are seeing, the low number of new listings in the Coronado area continues to be a cause of concern, but also a wonderful opportunity for on the fence sellers to dip into the market and take advantage of more robust asking prices and greater visibility due to the less competition. New listings of single homes fell by 28.6% year-on-year, and by 43.5% for Condos during the same period.
Once again, the message is very clear that wonderful opportunities abound for sellers right now. Why not contact us at 619-886-0175 and discuss how to make the most of this remarkable scenario.