The Coronado Ranch Real Estate Market Report for August 2024
Hey there! It's Chris again with some information to help my current neighbors and future homeowners in our beautiful Coronado Ranch community. I'm not a number nerd by any means, but we will dive in together to see what the numbers are, what they really mean, and why they matter to us.
Months of Supply of Inventory
First up, we have the Months Supply of Inventory, which is currently sitting at 4.5. This number tells us how long it would take for all the current homes on the market to be sold at the current pace of sales.
Next, we have the 12-Month Change in Months of Inventory, which has seen a significant increase of +134.38%. This sharp rise indicates that there are more homes on the market compared to a year ago, potentially giving buyers additional options in our community.
Median Days on Market
Moving on to the Median Days Homes are On the Market, which is a speedy 25 days. This tells us that homes are selling quickly in this market, which could be attributed to both high demand and well-priced properties.
List to Sold Price Percentage
The List to Sold Price Percentage is an impressive 98.5%, indicating that homes are selling very close to their listing prices. This shows that sellers are pricing their homes competitively and buyers are jumping at the opportunity to call Coronado Ranch home.
Median Sold Price
Lastly, we have the Median Sold Price, which stands at $660,000. This gives us a snapshot of the average price of homes that are selling in this market. This number has seen a sharp increase of 26.92% of the last month. While this number hasn't quite reached the peaks it enjoyed in April & May of 2023, it is the third strongest month for prices in the last 5 years. Good news for our property values!
Coronado Ranch Real Estate Market Summary
So, what does all of this mean for you as a Buyer or Seller?
Well, with a relatively low Months Supply of Inventory and homes selling quickly, it could be a competitive market for buyers.
Sellers, on the other hand, may be able to command close to their asking price, given the high List to Sold Price Percentage.
Overall, these metrics paint us a picture that shows Coronado Ranch continues to be a highly desired community. The market continues to favor sellers, and home values continue their rise even if it's a bit slower than we saw over the last several years.
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