Real Estate Market Conditions

July 2020 Coronado, CA Real Estate Market Conditions

Sat, 01 Aug 2020 00:00:00 GMT

The real estate market in Coronado is resilient despite the many restrictions that Covid-19 has placed on all of us.

The month of July has been as unprecedented as June was. The inventory continues to shrink and the demand properties on the island remain strong.

The current market statistics as per the San Diego Multiple Listing System (MLS) are as follows. There are 12 units for sale at the Shores, and 2 in escrow. None sold in July. Twelve for-sale units at the Shores!!! That's it!! This is very low for this time of year. Historically the average number of units for sale is around 20.

The Cays has only 5 homes for sale ranging from $1,500,000 to $4,500,000 and only 1 in escrow and 1 sold in July.

The Village follows the same pattern. We currently only have 24 homes for sale ranging from $700,000 to $8,700,000. We have 6 properties in escrow and one sold in July.

With the many changes, our economy is suffering is hard to predict the market for next month. We do know that no big changes will happen until the election is behind us. Stay tuned for next month's update.

If you are looking to Buy or Sell I am here to help.

June 2020 Coronado, CA Real Estate Market Conditions: Seller's market in June

Wed, 01 Jul 2020 00:00:00 GMT

June was a very optimistic month for Coronado Real Estate when it comes to buyer confidance.

Properties in Coronado are continuing to sell at a faster rate than they are coming on the market. We had 20 properties active at the Shores and 68 in the village which reflects a decrease of 23% and 68% respectively. The active properties has decline 35% compared to June 2019.

We noticed a total of 20 properties going into escrow in the village which represents an increase of 66% and 3 at the shores which is standard for the month of June.

The days on the market keeps shrinking due to the high demand and low inventory. Properties at the shores are selling in an average time of 63 days and 47 days in the village. It's interesting to notice that in June of 2019 the average days on the market for properties at the shores was 123 and 26 at the village. We've seen an increase of days on the market of 80% in the village but a decrease of 48% at the shores.

The reality is that buyers are still eager to buy. They want to take advantage of the low interest rates. Due to the low inventory the demant keeps driving prices up.

Stay tune for what July will bring.

April 2020 Coronado, CA Real Estate Market Update: COVID-19 Doesn't Stop Vacation Rentals

Mon, 18 May 2020 00:00:00 GMT

Coronado has a very unique real estate market and within Coronado, The Shores is a micro-market all within itself.

Coronado Shores Co., the company that built, sold, and now manages the most amount of vacation rentals on the island at the Shores has received a tremendous amount of inquires within the last two weeks from guests eager to book their beach-front condos for summer, fall, and winter. Due to the increasing demand, our office is resuming to normal business hours. Starting this weekend we will be open 7 days a week 9 am-5 pm to accommodate the influx of calls and emails. The current demand is originating from tenants that live in neighboring states. We are anticipating an even greater demand once travel restrictions are lifted, and it is for that reason that Coronado Shores Co. is always looking for more properties to rent. Call us if you are considering renting your home or condo either as a long-term or vacation rental. Not even Covid-19 can stop vacation rentals demand. Everyone needs a break and we are here to provide it to you.

The real estate sales market has changed during COVID-19 stay at home orders. Let’s review some statistics for the Month of April. Please notice that 11 single-family homes sold in April which is consistent with the average of 12 homes sold a month since the beginning of 2020. However, we noticed a considerable drop in condo sales in April, amounting to only 4 sold condos in the month of April, down from an average of 10 condos for sale a month since January of 2020.

Our marketing techniques have changed during these difficult times whether we work with a tenant, a buyer, or a seller; but we continue to serve the needs of our clients while keeping them safe. Ask me how we do it!

Now, Let’s look at the statistic for the sale of Single Family homes:

For Sale: 60

Sold in April: 11

Sold Since Jan 1st, 2020: 51

Average Days on the market: 129

Median price of homes for sale: $2.9 Mil.

Median price of sold homes: $2.3 Mil.

CORONADO HAS $200 MILLION ACTIVE SINGLE FAMILY HOMES ON THE MARKET

These are the statistic for the sale of Condos:

For Sale: 48

Sold in April: 4

Sold since Jan 1st, 2020: 32

Average days on the market: 85

Median price of homes for sale: $1.8 Mil.

Median price of sold homes: $1.8 Mil.

CORONADO HAS $90 MILLION ACTIVE CONDOS ON THE MARKET

We are excited to see some businesses opening their doors, and can’t wait until more restaurants and small business open since we know that our clients are looking forward to using their services again. But in the meantime, we’ll continue to do our best under the circumstances.

April 30, Coronado Real Estate Market Stats

Thu, 30 Apr 2020 00:00:00 GMT

SINGLE FAMILY HOMES:

For Sale: 60

Sold in April: 11

Sold Since Jan 1st, 2020: 51

Average Days on the market: 129

Median price of homes for sale: $2.9 Mil.

Median price of sold homes: $2.3 Mil.

CORONADO HAS $200 MILLION ACTIVE SINGLE FAMILY HOMES ON THE MARKET

Condos:

For Sale: 48

Sold in April: 4

Sold since Jan 1st, 2020: 32

Average days on the market: 85

Median price of homes for sale: $1.8 Mil.

Median price of sold homes: $1.8 Mil.

CORONADO HAS $90 MILLION ACTIVE CONDOS ON THE MARKET

April 2020 Coronado, CA Real Estate Market Conditions

Wed, 29 Apr 2020 00:00:00 GMT

The Real estate market is constantly changing however, the changes that we’ve seen in the last few weeks have been unprecedented. Realtors are constantly thinking of new ways to better serve our clients but Covid-19 has added a new hurdle. We really had to get creative to continue to provide the same service while maintaining the social distancing required by the "Stay at Home Orders" put into place by Governor Newsom.

In many parts of the county realtors still rely on local social networking events to spread the word about our buyers and seller's needs. Such networking events, or pitch sessions, are face to face weekly breakfast meetings held at several venues throughout the city. Coronado Association Of Realtors (CREA) meets every Wednesday in Coronado, South Bay and East county realtors attend the Pacific Association of Realtors (PSAR) meetings also on Wednesdays, the downtown meetings are held by San Diego Association of Realtors (SDAR) on Thursday. We also use open houses as a marketing tool to expose the properties that we sell. Covid-19 has taken all these marketing tools away from us and it has limited our social interactions.

How have we adapted to the new environment since Covid-19 started?

Luckily the real estate industry has been heading in the right direction in the past couple of years with the majority of the advertising done online. As a computer programmer myself, I truly believe that I can reach more buyers by having a good marketing campaign for online distribution along with an outstanding online presence in multiple platforms including social media accounts. But this is not new to my business.

What is new is the virtual interaction with clients. For instance when I work my buyers instead of meeting face-to-face to discuss their needs, I now conduct a virtual meeting on Zoom or through FaceTime to review their needs, and also I will preview homes for them by myself if they are unsure about the property. I also offer onsite video conference as I walk through the property and I address any questions they may have. Sometimes this is sufficient for my buyers to write an offer and open escrow. They are able to buy their dream home from the comfort of their own home whether they are in San Diego or in Florida because I am their "boots on the ground".

And how about signing the purchase contracts you may ask? I use an electronic signing software to collect electronic signatures. All it needed is an email account.

Preparing a home to sell is a bit more challenging but is not impossible. My photographers wear protective equipment when they enter my client’s properties and they also certify that they don’t have Covid-19 by signing a property entry advisory disclosure. They capture high definition professional still photos of the home as well as areal drone footage to show the neighborhood. I also like to include a 3D virtual tour of the home with floorplans. One of my favorite additions to my marketing campaign is the ability to VIRTUALLY STAGE a home. I can select the type of furniture with the click of a button, and also the colors that I’d like to use. Just like that within 48 hours, I am ready to publish my listing with minimal interaction with the seller.

I also protect the seller’s and buyer’s well-being by asking all buyers and realtors that enter the property to sign the entry advisory disclosure certifying they have not been exposed to the virus, as well as provide protective equipment upon entry.

How about Open Houses?

I am still holding open houses but with modifications. I make the property available to buyers during a set time and I offer a live video. Buyers are able to virtually walk around the property with me and ask any questions just as if they were there in person with me. But if a buyer wants to see the property in person, they can come by and enter the property one at the time as long as they sign the entry advisory and wear masks, gloves, and boots.

These are challenging times for everyone but I am excited to work for Coronado Shores Co. a broker that supports my business and allows me to adapt to the new environment so I can continue to help families in Coronado and beyond.