The community of Coronado is located on the central coast of San Diego County. This 13.5 square mile peninsula is accessible via the famous Coronado Bay Bridge, by water ferry from Downtown San Diego, or through Imperial Beach via highway 75. The real estate and homes for sale in Coronado are some of the most expensive properties in San Diego County. The number of homes sold in a particular year is relatively low. For example, during the period from January through July 2006, approximately 64 single-family homes sold. Approximately 79 homes sold for the same period in 2005. The price of homes in Coronado varies widely from moderately priced small cottages to multi-million dollar estates. One method to analyze pricing trends for a particular community is to evaluate the median and average price of homes for a particular month, and compare that data against the same period last year. What follows is a comparison of the median price and average price of homes for the past seven months (January through July 2006), compared against the data for the corresponding time period in 2005. The median price of homes represents the point at which half the homes are above a particular price point, and half the homes are below a particular price point. The average price of homes is calculated by adding up the sales price of all homes sold in a particular month, and dividing that value by the number of homes sold. The median price of homes in July 2006 was $1,505,000, compared to $1,481,250 in July 2005, which represents a 1.6% increase. The average price of homes in July 2006 was $1,795,179, compared to $1,603,214 in July 2005, which represents an 11.5% drop. Approximately 7 homes sold in July 2006 and 14 in July 2005. In summary, the data was mixed for July 2006, with the median price posting a small increase and the average price dropping 11.5%. The median price of homes in June 2006 was $1,775,000, compared to $1,570,000 in June 2005, which represents a 13.1% increase. The average price of homes in June 2006 was $1,998,860, compared to $1,778,214 in June 2005, which represents a 12.4% increase. Approximately 15 homes sold in June 2006 and 21 in June 2005. In summary, the data provides evidence that there was an upward price trend in June 2006 compared to the same period last year. The median price of homes in May 2006 was $1,200,000, compared to $1,390,000 in May 2005, which represents a 13.7% drop. The average price of homes in May 2006 was $1,576,429, compared to $1,615,692 in May 2005, which represents a 2.4% drop. Approximately 7 homes sold in May 2006 and 13 in May 2005. In summary, the data provides evidence that there was a downward price trend in May 2006 compared to the same period last year. The median price of homes in April 2006 was $2,250,000, compared to $1,450,000 in April 2005, which represents a 55.2% increase. The average price of homes in April 2006 was $2,667,200, compared to $1,731,524 in April 2005, which represents a 54% increase. Approximately 10 homes sold in April 2006 and 7 in April 2005. In summary, the data provides evidence that there was a significant upward price trend in April 2006 compared to the same period last year. The median price of homes in March 2006 was $1,650,000, compared to $1,780,000 in March 2005, which represents a 7.3% drop. The average price of homes in March 2006 was $2,219,667, compared to $1,774,667 in March 2005, which represents a 25.1% increase. Approximately 15 homes sold in March 2006 and 9 in March 2005. In summary, the data was mixed for March 2006, with a drop in median price and an increase in average price. The median price of homes in February 2006 was $1,185,000, compared to $875,000 in February 2005, which represents a 35.4% increase. The average price of homes in February 2006 was $1,327,000, compared to $1,011,667 in February 2005, which represents a 31.2% increase. Approximately 5 homes sold in February 2006 and 3 in February 2005. In summary, the data provides evidence that there was an upward price trend in February 2006 compared to the same period last year. The median price of homes was $1,700,000 in January 2006, compared to $1,531,500 in January 2005, which represents an 11% increase. The average price of homes in January 2006 was $1,599,000, compared to $1,717,750 in January 2005, which represents a 6.9% drop. Approximately 5 homes sold in January 2006 and 12 in January 2005. In summary, the data was mixed for January 2006, with a jump in median price and a decline in average price. So what does the above data tell us? Overall, there was a 19% decline in the number of homes sold during this period from 2006 to 2005. Besides that, the Coronado real estate market is very hard to characterize because of the limited number of homes that sell every month, and the wide variation in home prices. The median and average prices fluctuated substantially depending on whether or not very expensive homes sold that month or not. Prospective home buyers should seek the advise of an experienced real estate agent to help them understand the micro pricing trends of homes in their price range. |
