What's happening in the Coronado Ranch Real Estate Market?
- Supply: Coronado Ranch has a 2.67-month supply of inventory, revealing the market in our community is still tight. The "Seller's Market" rating persists mainly due to this statistic.
- Price: Median sold price is $573,500, with a 12% MoM decrease. There were only two sales during the month of May and therefore this metric fluctuates significantly month-to-month depending on the size of home sold.
- Days: Median days in RPR for sold listings increased 450% MoM to 55 days. This stat is the one to watch. Presentation factors are key here as a home that looks good and is priced correctly will certainly outpace these numbers; however, it is taking much longer to get from "on the market" to sold than it has in quite some time.
Why it matters
- Affordability: Buyer's have found more flexibility...sort of. While home prices have remained stubborn with Seller's receiving nearly their full asking price, Buyers have moved to receiving concessions. The average concessions received for the month of May was over $12,750.
- Buying Power: While inventory has remained rather tight in Coronado Ranch, we continue to see opportunity for Buyers willing to be creative in their offer process while keeping an eye on the end goal. Carefully and thoughtfully crafting a deal that focuses on keeping closer to the asking price and focusing on concessions appears to be a winning strategy.
Now what?
- Assess your budget: Most buyers start by jumping in and seeing all the available homes and miss out on this important step. Understanding your budget begins with a simple loan prequalification. We're happy to help you understand the differences between a mortgage banker and a mortgage broker and how making the right choice can save you thousands on a home purchase.
- Stay Informed: Monitor the new listings and firmly stick to your "must-have" list in a home.
- Contact an Expert: Reach out to a real estate professional early in the process. Having a trusted advisor to guide you is one of THE most important aspects of a home purchase. If your agent is just opening doors and not advising you on market conditions, directing you to mortgage options and checking resale values...maybe it's time to re-think things. Our obligation free consultation will have you feeling much more informed when the timing is right.
Thinking About Buying or Selling in Coronado Ranch?
If you are looking to buy a home in Coronado Ranch or sell your Coronado Ranch home, local knowledge makes a big difference.
Contact Chris Avery at Chris@thoseguysrealestate.com for expert guidance on the Coronado Ranch real estate market in Gilbert, Arizona.