SoCal luxury real estate

Luxury real estate in California has been doing well in recent months, with the number of sales above the $1 million mark increasing. And DataQuick released statistics showing that homes valued at $2 million or more are doing just as well in the Golden State. Slightly more than 4,500 California homes were sold for between $2 million and $3 million in 2013, showing that luxury real estate is looking upward.

DataQuick found that properties listed for more than $1 million and more than $2 million both rose in volume in 2013, while those valued at less than $1 million going down just slightly. Homes for more than $2 million surpassed pre-recession levels by great measures, hitting an all-time high, The Wall Street Journal reported. The publication noted that data only goes back to 1988, but it’s highly unlikely that numbers reached the point they did in 2013. The previous high was set in 2005, and 2013 numbers surpassed it by about 400 more properties sold.

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“In some ways that’s about what you’d expect. The real estate market is recovering in both sales prices and volumes, so a number of $1.9 million homes have been pushed into another bracket. Also, since these prices aren’t adjusted for inflation, and since the previous peak was almost a decade ago now, it’s kind of about time,” The Wall Street Journal reported.

The category of $2 million homes also accounted for 1.65 percent of total home sales, which was a statewide record. Due to the fact that many wealthy households have seen a recovery in income slightly quicker than other Americans, it only makes sense that the luxury real estate market has rebounded quicker as well. But it hasn’t fully recovered yet. The volume of homes between $1 million and $2 million are still 25 percent lower than before the recession hit.

Local Effect in Coronado

The median single-family home in Coronado has been above the $2 million mark since it dipped in October, and has only dropped slightly since then. As of February 7, Altos Research, a California-based real estate analytics company, posted the median single-family home value at $2,172,385. The value slipped slightly after it ticked up in January, but it is not back down to about where it started at the beginning of the year. Home buyers can expect the median home value to climb going into the busy spring season.

Altos Research’s Market Action Index, which measures whether a market favors buyers or sellers with 30 as the neutral value, posted a 30.11 as of February 7 in Coronado. This shows that market is balanced, and as it ever so slightly favors sellers, it is still competitive. Supply and demand have evened themselves out, but the spring season ahead may prove differently.

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Consider These Coronado Luxury Homes for Sale from $2,000,000 to $4,000,000

  1. $2,200,000 : 555 C Ave, Coronado
    3 beds, 2 baths
    Home size: 1,610 sq ft
    Lot size: 7,073 sqft
  2. $2,200,000 : 555 C Ave, Coronado
    3 beds, 2 baths
    Home size: 1,610 sq ft
    Lot size: 6,969 sqft
  3. 3 beds, 3 baths
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  4. 3 beds, 3 baths
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  5. 3 beds, 2 baths
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(all data current as of 10/22/2017)

Listing information deemed reliable but not guaranteed. Read full disclaimer.