Year End Coronado Real Estate Stats Point To A Promising Start In 2021
We've just taken a look at the newly published end of year figures for Coronado real estate in 2020, provided by the Greater San Diego Association of REALTORS®, and they contain many positives to take in 2021.
Here's how the year ended in many key metrics (all figures compared with the previous 12 months):
Single Family Homes
- Pending sales were up by 13.4% in 2020 (211).
- Closed sales increased by 6.3% last year (201).
- Median sales price grew by 9.4% year-on-year ($2,150,000).
- Percentage of list price received improved by 1.8% over the past 12 months (94.4%).
- Average days on market until sale fell by 14.1% between January and December (61).
- New listings were 14.8% lower in 2020 (282).
- Pending sales were up by 15.8% in 2020 (169).
- Closed sales increased by 14.5% last year (166).
- Median sales price grew by 0.4% year-on-year ($1,280,000).
- Percentage of list price received improved by 3.2% over the past 12 months (96.1%).
- Average days on market until sale fell by 17.8% between January and December (60).
- New listings were 1.6% higher in 2020 (262).
These are great figures, especially when we factor in the challenges that we faced for most of last year, and which are still informing all real estate markets.
While townhouse/condo median price showed a modest increase, closed sales were up by over 14% on 2019. For single family homes, there was a more modest (6.3%) rise in closings, but we saw a more significant median price hike (up by 9.4%).
In both categories, it took significantly less time to sell a home, on average, during 2020. That's a remarkable stat if we consider the unique encumbrances that we all had to deal with.
Inventory continues to be an issue, more so in the single home category, where new listings fell by almost 15%. There was, however, 1.6% greater availability in townhouses/condos. Again, we have to factor in 2020's uniquenesses and conclude that this really wasn't too bad a drop for single homes. Given that we had higher sales, however, that points to continuing pressure on supply levels, setting up excellent opportunities for early sellers in 2021.
It all bodes very well for a great start to this New Year and we'd be thrilled to help you achieve your real estate goals in 2021. Please don't hesitate to contact us at 619-886-0175 for an informal chat about the many possibilities for buyers and sellers right now.