MASSIVE DROP IN DISTRESSED LISTINGS IN CORONA CA
Real estate listings declined by another 6.3% in Corona, California, on a month to month basis as inventory reached its lowest level in years. In fact, in just the past year alone, the number of homes for sale in Corona have fallen by more than 77%, when comparing active listings at the end of January 2012 to January 2013. This astounding drop has left less than 1 dozen condos for sale in the entire city, and very few distressed sales available for bargain hunters. Year over year the number of foreclosure and short sale listings in Corona plunged 88.1% and 92.8%, respectively.
The Corona real estate market is now stable, with a healthy ratio of buyers and sellers. Prices have shown upward movement in certain areas of Corona, as multiple offers and bidding wars become more common.
Active Real Estate Listings in Corona CA = 179
Highest and Lowest Real Estate Listings in Corona CA:
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Lowest priced property for sale in Corona, CA - $89,900.00
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Highest priced property for sale in Corona, CA - $5,300,000.00
Corona CA Active Real Estate Listings By Property Type:
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166 Single Family Residence
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7 Condo/Townhouse
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6 Other (Land, Mobile Home, Mixed Use Property, etc...)
Corona CA Active Real Estate Listing By Sales Type:
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134 Standard
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11 REO*
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29 Short Sale**
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5 Other (Relocation Sale, Probate Sale, Flip, etc...)
Corona CA Active Real Estate Listings By Price Range:
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45 Corona properties priced above $500,000.00
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134 Corona properties priced at or below $500,000.00
PENDING HOME SALES FALL AS BUYERS HAVE LESS TO CHOOSE FROM
Pending home sales fell by 19.8% in Corona between December 2012 and January 2013. There was also a 25.6% drop in January, compared to year ago pending sales figures. It's important to note that a drop is to be expected given the ultra low inventory level of real estate listings. Unless there is a major increase in the number of homes for sale in Corona, I would expect the number of pending sales to continue to decline in the future.
Corona CA Properties In Pending And Back Up Status = 562
Pending Corona CA Properties By Sales Type:
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184 Standard
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56 REO*
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295 Short Sale**
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27 Other (Relocation Sale, Probate Sale, Flip, etc...)
MAJORITY OF CORONA HOMES SELLING FOR ABOVE ASKING PRICE
There was a 12.9% drop in the number of real estate sales closed in January 2013, as compared to the previous month. However, year over year, Corona home sales still reflected a gain of nearly 33%, proving that the Corona real estate market has improved tremendously.
The majority of Corona homes sold in January 2013 closed at or above the asking price, and the listing price appeared to have a big impact on which direction the sales price was headed. Homes priced below $400,000 tended to sell for above asking price, while a good majority of Corona homes listed above $500,000 sold for less than the asking price.
Corona CA Properties Sold in January 2013 = 236
Corona CA Properties Sold By Sales Type:
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125 Standard Sales
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22 REO Sales*
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82 Short Sales**
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7 Other (Relocation Sales, Probate Sales, Flip, etc...)
List Price Versus Sales Price In Corona CA In January 2013
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64 Properties sold at list price
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81 Properties sold for less than the list price
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91 Properties sold for more than the list price
Highest and Lowest Real Estate Sales in Corona CA in January 2013
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Lowest Corona real estate sale - $56,800.00
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Highest Corona real estate sale - $760,000.00
What home buyers got for their money in Corona CA in January 2013
For $56,800.00 you could have purchased a condo 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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1,032 SF
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Built in 1985
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1 Car Attached Garage
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$264 HOA Dues
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No Information Provided Regarding Condition of the Property and No Interior Photos
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Buyer Paid Over $18,000.00 in Past Due HOA Dues at Closing
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Short Sale
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All Cash Purchase
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Sold For Less Than The List Price Of $85,000.00
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Located Near Downtown Corona
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92879 Zip Code
For $760,000.00 you could have purchased a house in Corona, California with the following features and amenities:
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4 Bedrooms
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5 Baths
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5,342 SF
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8,712 SF Lot
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Built in 2005
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3 Car Attached Garage
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Some Upgrades
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Media Room
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Casita
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Panoramic City Lights, Hills, Golf Course and Mountain Views
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Standard Sale
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Conventional Financing
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Sold For Less Than The List Price Of $769,900.00
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Located in South Corona
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In The Guard Gated, Golf Course Community Known As The Retreat
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92883 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 Feb 1 & Feb 6, 2013.
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