65% DROP IN CORONA CA REAL ESTATE LISTINGS
Corona, California real estate listings continued their steady descent in July 2012, falling another 15.9% month over month. This has become a familiar trend in 2012, and the number of properties listed for sale in Corona has plummeted by nearly 65% since January of this year.
The 3 types of listings contributing to the shrinking inventory of homes and condos for sale in Corona are short sales, foreclosure listings, and real estate listings under $500,000. In 2012, short sale and foreclosure listings have plunged by 81.5% and 79.5%, respectively, and properties in these 3 categories are very popular with traditional home buyers and real estate investors alike. This combination of high demand and low inventory is creating multiple offer situations, and desirable properties are often pending within several days of being listed on the MLS.
Active Real Estate Listings in Corona CA = 275
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Lowest priced property for sale in Corona, CA - $65,000.00
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Highest priced property for sale in Corona, CA - $8,500,000.00
Corona CA Active Real Estate Listings By Property Type:
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245 Single Family Residence
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28 Condo/Townhouse
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2 Other (Land, Mobile Home, Mixed Use Property, etc...)
Corona CA Active Real Estate Listing By Sales Type:
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176 Standard
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19 REO*
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75 Short Sale**
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5 Other (Relocation Sale, Probate Sale, etc...)
Corona CA Active Real Estate Listings By Price Range:
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47 Corona properties priced above $500,000.00
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228 Corona properties priced at or below $500,000.00
LACK OF FORECLOSURES CAUSES DECREASE IN CORONA CA PENDING REAL ESTATE SALES
The number of real estate listings in pending and back up status fell by 18.8% from June to July 2012. However, July's pending real estate sales in Corona, California were still 23.6% higher than the number documented at the beginning of 2012.
Foreclosure listings were the primary reason for the decrease in pending real estate sales, which dropped 30.4% month over month, and have dropped over 45% since January. This is due to the fact that lenders are leaning towards short sales as an alternative to foreclosure, which has created a lack of inventory of these popular property listings.
Corona CA Properties In Pending And Back Up Status = 935
Pending Corona CA Properties By Sales Type:
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185 Standard
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64 REO*
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660 Short Sale**
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26 Other (Relocation Sale, Probate Sale, Flip, etc...)
CORONA CA REAL ESTATE SALES AND ACTIVE LISTINGS NEARLY IDENTICAL
Corona, California real estate sales were virtually unchanged month over month, with only a 1% drop from June to July 2012. The number of closed real estate sales in July were 53% higher than the number posted in January, and have increased nearly every month in 2012. July marked the first month, in many years, that the number of active real estate listings and closed real estate sales in Corona were almost identical.
Corona CA Properties Sold in July 2012 = 273
Corona CA Properties Sold By Sales Type:
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113 Standard Sales
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50 REO Sales*
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104 Short Sales**
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6 Other (Relocation Sales, Probate Sales, Flip, etc...)
Highest and Lowest Real Estate Sales in Corona CA in July 2012
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Lowest Corona real estate sale - $70,000.00
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Highest Corona real estate sale - $2,400,000.00
What home buyers got for their money in Corona CA in July 2012
For $70,000.00 you could have purchased a mobile home in Corona, California with the following features and amenities:
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2 Bedrooms
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2 Bath
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1,920 SF
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3,485 SF Lot
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Built in 1985
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Needs Updating
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$83 HOA Dues
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REO
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All Cash Purchase
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Located in South Corona
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92883 Zip Code
For $2,400,000.00 you could have purchased a home in Corona, California with the following features and amenities:
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6 Bedrooms
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7 Baths
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10,073 SF
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43,560 SF Lot
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Built in 2006
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4 Car Attached Garage Plus Motor Court
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Custom Home
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Privately Gated
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Highly Upgraded Throughout
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Dance Studio
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Game Room
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Loft/Entertainment Area
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Private Bathrooms in All Bedrooms
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Kitchen With 2 Islands and 2 Dishwashers
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Bedroom Sized Laundry Room With Folding Island and Hook-Ups For 2 Sets of Washers and Dryers
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Rock Pool and Spa With Grotto, Waterfalls, Slide and Built-In Palapas
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Full Basketball Court
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Built-In BBQ and Outdoor Kitchen
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Covered Outdoor Entertainment Area With Television
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City Lights, Hills and Mountain Views
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Standard Sale
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Conventional Financing
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Located in South Corona
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92881 Zip Code
*REO: Real Estate Owned. Foreclosed properties currently owned by the lender.
** Short Sale: Properties that are still owned by the borrower, however the borrower is attempting to sell the property for less than what is owed to the lender, which requires lender approval.
Information contained in this market report was compiled from available MLS data as of August 1st, 2012.
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