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Coronado Market
2014 Coronado Real Estate Market Analysis
2014 was a great year for real estate investing on Coronado Island. Flagship Properties represented 12 sellers and 17 buyers in a total of 24 transactions. Of those 24 transactions, 22 were in Coronado, 1 was in Imperial Beach and one was in Point Loma. While most of our buyers were looking for a primary home in Coronado, several were 2nd home buyers and 2 were investors.
Coronado Home Sales in 2014 vs. 2013
In 2014, we saw an average sale price of $1,593,608 compared to $1,486,559, an increase of over $107,000 (see Figure 1). This equated to over a 7% increase year-over-year. However, with this improvement in market strength, we also saw a reduction in the amount of homes for sale or listed over the course of the year compared with previous years. In general, there were less homes on the market in 2014, resulting in 296 recorded sales versus 320 in 2013.
Monthly Real Estate Trend
Year after year, we see the sales start off strong after the new year and start trailing off around mid year through December. The average sale price fluctuates month to month and is usually due to a unusually high or low sale, something not uncommon in a high end market such as Coronado with homes along the Pacific Ocean and the San Diego Bay.
What’s In Store in 2015?
The supply of properties in Coronado is lower than in past years which is likely to contribute to an increase in prices. A stronger economy has also brought more buyers to the island, creating a much more competative market.