Corona Real Estate Update | December 2019

 

PROPERTY SALES

November Property sales were 145, down -9.4% from 160 in November of 2018 and -23.3% lower than the 189 sales last month. November 2019 sales were at their lowest level compared to November of 2018 and 2017. November YTD sales of 1,890 are running 1.4% ahead of last year’s year-to-date sales of 1,864.


PRICES

The Median Sales Price in November was $505,000, up 3.0% from $490,500 in November of 2018 and down -1.0% from $510,000 last month. The Average Sales Price in November was $547,718, up 4.3% from $525,176 in November of 2018 and down -1.1% from $553,820 last month. November 2019 ASP was at highest level compared to November of 2018 and 2017.


INVENTORY & MSI

The Total Inventory of Properties available for sale as of November was 382, down -8.0% from 415 last month and down -24.8% from 508 in November of last year. November 2019 Inventory was at a mid range compared to November of 2018 and 2017. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The November 2019 MSI of 2.6 months was at a mid range compared with November of 2018 and 2017.


MARKET TIME

The average Days On Market(DOM) shows how many days the average Property is on the Market before it sells. An upward trend in DOM tends to indicate a move towards more of a Buyer’s market, a downward trend a move towards more of a Seller’s market. The DOM for November was 53, down -1.9% from 54 days last month and up 20.5% from 44 days in November of last year. The November 2019 DOM was at its highest level compared with November of 2018 and 2017.


SELLING PRICE PER SQUARE FOOT

The Selling Price per Square Foot is a great indicator for the direction of Property values. Since Median Sales Price and Average Sales price can be impacted by the ‘mix’ of high or low end Properties in the market, the selling price per square foot is a more normalized indicator on the direction of Property values. The November 2019 Selling Price per Square Foot of $256 was up 0.8% from $254 last month and up 2.0% from $251 in November of last year.


SELLING PRICE VS LISTING PRICE

The Selling Price vs Listing Price reveals the average amount that Sellers are agreeing to come down from their list price. The lower the ratio is below 100% the more of a Buyer’s market exists, a ratio at or above 100% indicates more of a Seller’s market. The November 2019 Selling Price vs List Price of 97.7% was up from 97.1% last month and up from 96.7% in November of last year.


INVENTORY / NEW LISTINGS / SALES

‘This last view of the market combines monthly inventory of Properties for sale along with New Listings and Sales. The graph shows the basic annual seasonality of the market as well as the relationship between these items. The number of New Listings in November 2019 was 123, down -30.5% from 177 last month and down -34.6% from 188 in November of last year.


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About the Author

The real estate industry continues to evolve, and I pride myself on being on the cutting edge, finding new ways to work with clients to achieve their real estate goals.

My real estate experience coupled with insight of industry trends ensures that I stay one step ahead of other realtors. I enjoy making sense of the complex real estate market in Southern California, and look forward to teaming with you and exceeding your expectations.

My passion for winning stretches back to my time playing professional baseball, and I know that hard work pays off-let me hit a home run for you! I’m committed to delivering your dream home or selling your current property at a winning price.

Affiliations: California association of Realtors, National Association of Realtors, Relocation Specialists.