So it’s been about 60 days since my last Coronado Historic District real estate update, so here goes!
(Note, all stats are in terms of Single Family Detached homes based on ARMLS data as of the date of this publication, from Thomas south to McDowell, and 7th Street east to 16th street.)
We currently see a total of 12 properties on the market that aren’t yet under contract ranging from a low of $99,000 at 2042 N. 9th (Note: This property went back to Nationstar on October 24th and is no longer on the market) which has only been on the marktet for 3 days up to $248,000 at 1221 E. Edgemont which has been out there for 168 days. The average asking price lands at $155,000 but the median asking price is $139,900, which is typically a more accurate measure, as it rules out the highs and lows and their effects on calculating an average number.
Those aren’t the only homes on the market, however. There are 8 homes that have gone under contract in the past 60 days that require short sale approval. The low asking price for those is $79,000 which is located at 2618 N. Dayton all the way up to 2509 N. 8th Street at $229,000.
Pending sales are a consideration as well. The difference between pending sales and short sales is that a pending sale is either a traditional sale that is now under contract, or it is a short sale that has been approved and no longer has a short sale contingency. There are 23 of these beasts out there right now, ranging in price from $36,000 at 1519 E. Sheridan to $259,900 at 806 E. Palm Lane.
On to the important numbers…the sales. What was someone willing to actually pay for a house? In the past 60 days, 21 homes actually closed escrow and changed hands, not including those which happened outside of the Arizona MLS, and the sum total of all sales rounded out to just above $2.5M in volume. The lowest priced property, a 3br/1ba at 990 square feet home on a 5700 square foot lot at 1513 E. Sheridan sold on October 10th for $67,500 ($68/foot) after only one day on the market. On the opposite end of the spectrum was a sale on October 3rd at 2037 N. 8th Street, which is a 3br/2ba, 1400 square foot home on a 6700 square foot lot which went for $173,000 ($120.64/foot) and was on the market for 217 days. The average number of days on the market for the area is 61 days which, with 12 currently active homes, makes for an absorption rate of about 34 days. That’s a seller’s market. Good luck asking for closing cost assistance.
While the average sale price rounded out to $118,024 ($105.72/foot,) the more important number is the median sale price, which is actually $117,600 ($138.35/foot.) As you can see, there’s quite a disparity between the median closing price of $117,600 and the median asking price of $139,900, but we’re talking about a diverse area with what some would call luxury homes standing right next to tear-downs, and from month to month a wide selection of properties go on the market and are actually sold.
If you’ll recall, the last time I posted this report, the average sales price was $113,000 but the median, which I did not report on, was only $107,500. We’ve seen an estimated 8.5% increase in median sales price in the past 60 days based on these numbers.
If you would like a complete report showing all of the properties that I based this post upon, please let me know and I’ll be happy to send you a copy.