Coronado Village Real Estate Update

At a recent Women’s Council of REALTORS® luncheon I attended, Leslie Appleton Young, Chief Economist for the California Association of REALTORS®, reported that according to Pew Research Center’s “Home Sweet Home. Still. Five Years After the Bubble Burst” 8 in 10 Americans agree buying a home is the best long-term investment a person can make. Rent or Buy is the question of the day.  “…renters are hardly immune to the allure of homeownership, even in the face of the five-year decline in prices.  Asked if they rent out of choice or because they cannot afford to buy a home, just 24 % say they rent out of choice.  According to Pew Research Center, “17% of the current renters would like to continue to rent and 81% would buy a house at some point.”

According to CAR’s Chief Economist, the 2011 annual Housing Market Survey showed that the Investment & Second/Vacation Home market was the strongest ever with 17% of the homes in California being purchased for Investment/Rental Property and 7% for Vacation/Second Home use.  I interpret this to be good news for Coronado since we have a strong Resort and Second Home Market. Unfortunately there is not an easy way to track this in Coronado.

In today’s market, a common question asked is, “Do you think home prices are going up, down or staying flat in one year, five years and 10 years? “  My answer typically is “my crystal ball is broken.”  However, Leslie Appleton Young, an expert in the field, reported buyers and sellers polled across the state of California reveal that “Sellers are Skeptical and Buyers are hopeful.”   That scenario seems to apply to Coronado as well.

I went to SANDICOR, our local multiple listing organization and pulled data on the single family homes that SOLD in Coronado Village between 1/1/ and 4/9 for the last three years.

A total of 25 single family homes sold during that time period in 2012.

PRICE PER SQUARE FOOT                          DAYS ON MARKET

Minimum: $375.45                                                       7

Maximum: $1,183.36                                                   217

Average:  $690.01                                                      85

A total of 33 single family homes sold during that period in 2011.

PRICE PER SQUARE FOOT                          DAYS ON MARKET

Minimum: $417.13                                                      1

Maximum: $1442.31                                                   368

Average: $733.01                                                      108

A total of 27 single family homes sold during that period in 2010.

PRICE PER SQUARE FOOT                          DAYS ON MARKET

Minimum: $364.17                                                       6

Maximum: $960.44                                                      493

Average: $624.41                                                       138

What I am seeing is that the average and maximum days a home is on market is shorter in 2012 than during the same time period in 2010 and 2011.  The average price per square foot improved in 2011.  The average price per square foot is higher in 2012 than it was in 2010, but slightly less than 2011.  Inventory for single family homes is down 25 % from this time last year.

If you are interested in selling your home and getting the most per square foot that I would recommend that your list your home for sale based on the above data. Overpricing your home ultimately will get you less per square foot and longer days on the market.

If you are interested in learning more about the Coronado Real Estate market, please call me directly or visit www.coronado.org.

Expect More Than A Home.....Create A Lifestyle In Coronado!®

Gerri-Lynn Fives, ABR, CIPS, CNE, CRS, GRI, RSPS, TRC
REALTOR® / Broker Associate
Prudential California Realty – Coronado
(619) 813-7193 Direct
DRE# 01274657
JustGL@Coronado.org
www.Coronado.org