As another year comes to an end in Coronado, we wanted to reflect back on the different things we saw throughout 2015. This year marked the full swing back to a seller’s market, highlighting progression from the recovery of the 2008 recession.*
This swing created an exciting time for Coronado real estate. While there is always interest in Coronado homes—buyers love our lifestyle—we saw much more movement this year. Here are the trends we saw:
High End Home Sales
For the last several years, the lower end homes on the island controlled the market. This year we saw high-end homes move into the dominating position. While the number of lower price point homes sales remained steady, it was exciting to see $4 million and $5 million properties consistently move throughout the year.
Compared to years past, there was not an increased number of million dollar homes on the market. Just an increased number of homes sold. Additionally, these high-end homes that sold spent less time on the market than in previous years.
We believe this is a sign of buyer confidence. People are feeling more assured investing money into a property.
Waterfront properties saw the most attention, particularly beachfront homes. Bay front homes did see some attention throughout the year but not near as prevalent as the homes near Ocean Boulevard.
The island saw more development in 2015 than it did in 2014. On one side of the market, we had developers coming into homes to complete extensive upgrades and redo properties. On the other side, we had buyers purchasing homes to completely customize to match their tastes.
While 2015 brought different trends, there are a few things that stayed the same. The Coronado market remained a unique market, varying even from neighboring San Diego. Proximity to the beach, distance from the school, and access to Orange Avenue continued to factor into the price of homes. Both buyers and sellers who utilized a local realtor were able to better navigate the nuances.
Land on Coronado continued to fall short of demand. Bottom line: more people wanted to live on the island than we could accommodate. The charm and utopian lifestyle enchanted both locals and tourists alike. With a limited supply of land on the island, we continued to see an increased demand for property on Coronado.
Your Partner for 2016 Real Estate
If you are looking to make a move in 2016, we hope you consider partnering with ParkLife Real Estate. Whether you are buying or selling, we have the competitive edge to help you with your Coronado home.
We’re looking forward to an exciting 2016. We have a healthy real estate market, a thriving community, and live in paradise. What more could you ask for? After all, every day in Coronado is a great day.
*Next month we are going to in depth to exactly what a seller’s market means for both sellers and buyers. Stay tuned!