Coronado Market Update for June 2014 and year-to-date review of Real Estate activity in Coronado CA (92118).
Coronado Homes For Sale – June 2014 Real Estate Market Update
The May 2014 results for the Coronado Real Estate market recorded a 16.1% increase in median price over last year’s results. The median price for May 2014 was $1,274,500 vs. $1,097,500 for the same period in 2013. The number of closed sales decreased by 6.3% to 30 units, in 2013 the number of homes sold was 32.
As we move into June the real estate market in Coronado, is starting to see a decrease on home inventory levels. The current results indicate we are moving towards a seller’s market. The inventory of homes remained the dcreased to 138 units in May 2014, compared to 193 for May 2013. The DOM decreased to 54 days from 96 in May 2013. With a decrease in the number in available inventory combined with a shorter DOM, our Supply of inventory decreased to 5.0 months compared to 8.0 months in 2013. This is a positive trend, if you are thinking of selling, as homes are staying on the market for a shorter period, however because the inventory is still balanced many buyers are able to find suitable housing.
2014 Year to Date results also showed a significant improvement over the 2013 results in all the important statistics. The number of units sold remained fairly consistent with a decrease of 1 unit which represents a 0.8% year-over-year decrease for 2014 as compared to 2013. The median sales price increased by 6.7% (1,200,000 vs. 1,125,000).
One to most important metrics to also consider is the average Days on Market (DOM). The DOM for 2014 was 83 days, the DOM for 2013 was at 85 days. The data indicates that a property sold 2.4% faster in 2014 than 2013.
In conclusion, the Coronado Real Estate Market is moving towards a seller’s market. If you are in the market for a new property, it is imperative to monitor the market for properties that meet your requirements. Understand market dynamics and understand that list price may not accurately indicate final sales price as property valuations are being set by forward demand needs as opposed to recent comparable sales activity. Coronado Market Update.
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