Contributing Content Writer: Horace Chavez DRE#01259508 | February 19, 2024
Today we are going to look at the current market conditions for Coronado’s condominium market and share some insights on what’s possibly ahead for 2024. The first week of February we gave insight on the single-family home market. All indicators remain about the same other than an increase on median days on the market from 91 to 98 days.
In comparison to median days on the market for condos, the 7-day average condo readings are more volatile. We are currently at 35 days on the market but compare this to January 19, 2024, just one month ago, where we were at 77 median days on the market. The condo market in Coronado goes from warm to hot, (to cool-but just for a minute) then back to warm. This just goes to show that the condo market continues to remain active. From experience, there are buyers just waiting for a certain type of product to hit the market. Meaning, there are buyers sitting on the side lines waiting for the right 3-bedroom unit under $3.5M or other entry level buyers waiting for that ocean view or tun key one bedroom unit in the village.
Market Action Index dated 02-05-2024 shows a rating of 40 pushing into the Seller’s Market territory.
As of 02-19-2024, we see this MAI heading on an upward trend as median days on the market decrease. Condos are in demand.
The Coronado market, specifically condos, remain strong and the high demand continues to drive sales. Long term hold appreciation seems to show positive historical gains. Low inventory is good for this market. It keeps prices stable with moderate increases. This is good for a healthy market. The vacation home short-term rental market allows for most of these units to be solid investments and a favored place to park your money.
2024 will maintain a strong market with prices trending upward in the condo market. We will continue to be vigilant for ‘days on the market’ and the Market Action Index to observe the direction of the condo market. The seasonal increase in the inventory may come in a bit earlier this year, as the market, in San Diego, has already shown signs of early Spring buyer activity on the rise specifically in coastal communities.
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About the contributing writer: Horace Chavez, is Broker Associate with Coronado Shores Company as part of the sales team for ‘The Shores Group’ Real Estate Advisors. Areas of service include Homes Seller and Buyer Representation, Investment Properties & Property Management. Also Certified as a Probate & Trust Specialist. “Licensed since 1999, I’ve seen quite a bit. I recognize every buyer and seller have their own unique interests and goals. My experience and resources have allowed me to provide a high level of service to all my clients.”
Contact Horace Chavez at 619-992-7001 | email: [email protected]
DRE# 01259508
Sources: Altos Research, San Diego Association of Realtors
DISCLAIMER: This content is for informational and entertainment purposes only. The contents shared is deemed to be reliable and gathered from different sources including the perspective of the author. It is not meant for or intended to provide or replace any type of legal, tax, financial, or accounting professional or personal advice or service. It is highly advised that the reader seek their own professional advisor or counsel concerning their specific individual needs or circumstances before making any decisions or conclusions. Always review and know your options before making any decisions.
To view Coronado homes for sale or rent, for property management services, HOA management, or vacation rentals, please visit Coronado Shores Co.
