This report is intended to give you a reliable picture of Corona market activity as it changes from month to month. Also, I want you to know what Corona is really like! So, I include a short, subjective description of this beautiful area and all it offers!
Directly to the east of the Orange County line and bordering Freeways 91 and 15 for miles, is the bustling, vibrant and growing City of Corona. Because of it's location, Corona is seen by many as an ideal and convenient, as well as beautiful, place to live. No matter what sort of home or neighborhood you are seeking ... you can find it here!
A bit of recent Corona Real Estate history:
3/28/2006: ... 1312 Active/447 Pending - Ratio is 34% 6/21/2006: ... 1810 Active/408 Pending - Ratio is 23% 5/25/2007: ... 2398 Active/253 Pending - Ratio is 11% 7/4/2007: ..... 2533 Active/247 Pending - Ratio is 10% 9/17/2007: ... 2507 Active/198 Pending - Ratio is 8% ***************************************************************** 2008
1/3/2008: ..... 2044 Active/232 Pending - Ratio is 11% 1/31/2008: ... 2140 Active/257 Pending - Ratio is 12% 3/16/2008: ... 2054 Active/443 Pending - Ratio is 22% 5/10/2008: ... 1769 Active/709 Pending - Ratio is 40% 6/27/2008: ... 1654 Active/786 Pending - Ratio is 48% 12/16/2008:.. 1736 Active/826 Pending - Ratio is 48% ***************************************************************** 2009
1/24/2009: ...1579 Active/811 Pending - Ratio is 51% 3/22/2009: ....1228 Active/1035 Pending - Ratio is 84% 5/25/2009: .... 747 Active/1130 Pending - Ratio is 150% 7/19/2009: .... 660 Active/1112 Pending - Ratio is 169% 8/28/2009: .... 576 Active/1140 Pending - Ratio is 198% 10/13/2009: .. 571 Active/1082 Pending - Ratio is 190% ***************************************************************** 2010
1/5/2010: ...... 627 Active/968 Pending - Ratio is 154% 2/7/2010: ...... 635 Active/1023 Pending - Ratio is 161% 3/13/2010: .... 697 Active/1116 Pending - Ratio is 160% 5/19/2010: .... 715 Active/1144 Pending - Ratio is 160% 7/16/2010: .... 868 Active/1005 Pending - Ratio is 116% 10/15/2010: .. 1137Active/ 932 Pending - Ratio is 82% *************************************************************** 2011
2/19/2011: .....1176 Active/766 Pending - Ratio is 65% 4/8/2011: ...... 1065 Active/785 Pending - Ratio is 74% 5/26/2011: .... 1004 Active/853 Pending - Ratio is 85% 8/13/2011: ...... 963 Active/811 Pending - Ratio is 84% 10/23/2011: .... 898 Active/828 Pending - Ratio is 92% *************************************************************** 2012
1/15/12: ......... 806 Active/724 Pending - Ratio is 90%
The overall ratio held during the Holidays! Activity is slightly down but this always happens during the period from 11/15 to 12/31. Usually to a greater extent!
The really high ratios of 2009 - 2010 were fueled by tax credit uncentives and were not sustainable. The market is becoming much more "normal". But, it definitely on the "Hot" side in Corona!
Corona Real Estate is moving very, very well. "Good" Corona homes, in the lower price ranges, are selling almost as fast as they can be listed!
As of 1/15/12, there were 724 Corona Homes in Escrow. The List prices of current Pending properties range from $59,900 to $1,000,000. The highest Pending sale under $1,000,000 is listed at $769,000.
You would be amazed at what a purchase price over $500,000 can buy you in a Corona luxury home!
Multiple offers and overbids are the norm for desirable properties ... especially in the lower price ranges. 20-30 offers on one Corona property are not unusual!
We have been hearing for many months (years!) about the huge wave of REPOs that is about to hit the market! Bring them on! There are plenty of Buyers for them. We need more inventory!
In selling their properties, the banks know what the market price is and they usually get it! List prices are often intentionally set low to encourage overbids. Especially true on Corona Short Sales.
It is getting very hard to find a good house to buy in Corona unless you are really Johnny-on-the Spot and not afraid to bid over list price if there are multiple offers ... and there usually are. But overbids can not exceed appraisal level ... or the deal may never go. This requires careful consideration of the comps!
92% of the Active listings in Corona are priced at $499,999 or less. 96% of Corona Pending listings are also in this range. The lowest priced listings are being snapped up very, very fast!
Corona is definitely on the way up and has been for some time now. It is a very intense market and prices are increasing ... but very slowly.
Note the Closed to List price ratios shown below. Pending listings also become the future comps ... if they appraise for purchase price and the transaction actually closes.
Sellers no longer have to compete much for the Buyer's attention, especially in the lower price ranges. Multiple price reductions are still around if the home was overpriced to begin with. And, some Corona homes still go for 10% or more below list price. But, not very many!
In general, Buyers don't have a lot of time to make a decision if they want to buy in Corona. Expect to make at least 2-3 unsuccessful offers and bid over list price before you finally land a good one ... especially if your new Corona residence is listed below $300,000.
Overall, Active list prices in Corona range from mobile homes, small condos and older fixer houses listed for under (some are way under) $200,000 to $2,850,000 for a 2004 South Corona one story luxury home, on 5 privately gated view acres, with 7,200 sqft, and a five car garage..
The best selling Corona price category is the "under $200,000" range! The ratio of Pending to Active is a stunning 131%! Not enough homes to go around in this group with only 115 Actives and 151 in escrow!
The "$200,000 - 300,000" range takes second place with 265 Actives and 270 Pendings ... another smashing ratio of 102%!
The $300,000's category follows with 292 Actives and 226 homes in escrow ... another excellent 77% ratio!
The $400,000's to $600,000's have very brisk ratios ranging from 47% to 69%.
The $700 - 999,999 range has a slow 27% ratio with only 11 Active listings and 3 listings in escrow ... all Pendings are in the $700,000's. . The Corona Market is definitely moving up in price but slowly.
There are now 5 available Corona estate homes listed over $1,000,000. Most of the properties in this range are very spectacular and on large lots ... with great views! There is currently only 1 home in escrow in this category! This segment of the Corona housing market now has a 20% Pending to Active ratio ... but the numbers are small.
If your price range falls within the $300,000's ... you have the greatest selection in Corona! The $300-399,999 range has 292 Active listings ... 36% of the total Corona inventory!
455 MLS listed Corona properties closed escrow between 11/15/11 and 12/14/11! I cannot chart all closed listings in this report so I have picked out a popular price range ($300 - 350,000) to explore in depth.
You will note from my "Sold" figures below .. the majority of very recently closed Corona sales involve a bank. Still, 35% of the 103 closed sales, in this range, are standard or "Equity" sales.
During this period, the highest Corona closing was for $1,160,000 and the lowest sale closed at $50,000.
Call me, or send an Email, and I will be happy to figure the average Closed to List prices for any other price range ... or provide more details about any range.
103 MLS listed homes closed escrow in Corona between $300,000 and $350,000 alone during this timeframe! This is about double the number of sales that closed in October, 2011.
59 of these 103 sales (57%) closed at $100% of List price or higher.
Of all 103 Corona closings in this period, 64 had reduced the price at least once by time of sale. 14 homes stuck with the original price. 25 listings had raised the price by time of closing.
Raised prices and Sold prices over 100% can mean one of three things: Money kicked back to the Buyer for closings costs, etc, and tacked on to the list price to compensate OR multiple offers where the price is simply bid up.
A third situation could involve a Short Sale where the bank simply wants, counters and gets, more than the listed price which the bank did not set in the first place. This usually happens towards the end of the transaction.
20% of the closed listings (21 homes) were Corona Bank Repos (REO's). Average ratio of Sales price to List price was 99% in this group. One home closed at 93% of List. All other ratios were between 96% and 105% of List price.
45 of the closed sales (44%) were Corona Short Sales. Average closing ratio in this group was 100%. All ratios ranged between 91% and 121% of List price.
It all depends on the bank you are dealing with, how desirable the property is and how wild the overbids get! All closed sales must always appraise for purchase price or they do not close ... unless a Buyer is willing to bring extra money to the table and waive the appraisal contingency. And, this does happen!
The remaining 36 Corona closings were Standard Equity Sales. This means they were owned by a regular Seller who had enough equity to sell and pay his costs. Closed to List ratios averaged 99%. One home closed at 91% of List. All other ratios ranged between 95% and 103%.
So, it appears that once Corona Sellers figure out what the list price should be ... they usually get pretty close to that list price! And, quite often, they get more.
Average Days on Market (DOM) was 105 days for this group of Corona closed sales. This means the number of days from date of listing until the property is reported as "Pending".
This is a not a bad average as this figure includes 9 Corona sales that took between 201 to 272 DOM to go Pending as well as 4 more sales that took from 300 to 507 DOM! Mostly short Sales.
Days spent in "Taking Back Up Offers" status are counted as Active. Many Short Sale listings continue to take back up offers until near the end and so wind up with very long DOM records.
29 listings (28%) had Pending status in 45 days or less as reported by the Agents. Some had very short marketing times.
DOM given is only for the current listing ... a property might have been listed before and expired.
Almost without exception, a successful offer will include an escrow period of no more than 45 days.
Great time to be a Corona Buyer if you really jump in!! AND, a great time to be a Corona Seller if you are realistic and aware of the current market conditions.
Price, Terms, Location and Condition all have to be in alignment with the market and your home will sell too!
Corona condos and townhomes account for about 25% of the total listings in Corona. There is a good selection and great variation in size and amenities! You can still buy a small, but centrally located, Corona condo for under $100,000 List price.
Corona covers such a vast area, it is almost impossible to talk about price ranges without getting out a map!
This energetic little city has an extraordinary setting! Hills and mountains are visible on the horizon from all angles. Especially striking are the gentle foothills on it's southern border ... green in winter and golden in summer! No wonder that Corona is now home to so many happy families who enjoy a peaceful and upscale lifestyle.
This was not always the case! In 1954, Corona had only 11,000 residents and was reachable only by slow travel on surface streets. In 1961, agriculture, and citrus in particular, was the mainstay of Corona's economy. This changed dramatically in 1962 when the 91 Freeway was constructed and the doors to development opened wide. By 1996, Corona was home to over 100,000 residents and today, that number has climbed to about 150,000 and still growing!
Today, Corona is widely regarded as a sophisticated, upwardly mobile city that has become a commercial and residential hub on it's own. Thirty years ago, very few would have even considered calling it that!
A lot of this growth occurred during the 1980's when many companies moved headquarters to Corona to avoid the skyrocketing Real Estate costs of Orange County. Home Buyers had already discovered that fact!
Home Buyers are still flocking to Corona to purchase the upscale, newer and larger homes that they cannot afford to buy in Orange County!
Corona is a sprawling city covering 13 Thomas Guide map pages and 5 zip codes. The vast majority of homes have been built in the last twenty years.
There is still new construction going on in Corona. This is especially true in the north Corona area where you will find the largest cluster of new and almost brand new homes. This is the area known as Eastvale. Many good bargains here.
There are relatively few Homeowner's Associations among single family homes in Corona. However, Buyers should be aware that most of the homes built after 1985 have special tax assessments that range from "very low" to "pretty high". The amounts vary greatly by tract and Buyer approval of the actual tax bill should be a contingency on any offer made.
Sierra Del Oro, developed in the late 1980's, is Corona's closest point to Orange County. Many of the homes here have fabulous views! Properties in this area tend to be more expensive than those located in the more central Corona neighborhoods. Location is everything!
The vast and highly sought after South Corona area was developed in the early 1990's, to the present, when the massive orange groves were demolished. This huge residential area covers three separate zip codes!
In south Corona, you will find the largest and the most expensive homes as a general rule. There are many homes priced well over $1,000,000. You will also find a great selection of newer homes more modest in size and price! Something for everybody!
Drive south on Main Street and turn left on Grand to begin to enjoy the Historic part of town. Elegant Victorian, and other vintage style homes, give you a glimpse of Corona's past! They come up for sale too ... but rarely.
To actively look for a home in Corona, you first must narrow down the area that you like the most! There is so much to choose from! Corona is too diverse to consider as a whole. One thing you can count on, however, is that you will get a lot of house for your money here!
Well appointed homes with good locations and reasonable asking prices sell in 30 days or sooner. Homes that are over priced, for what they are, tend to stay on the market awhile as is true anywhere..
Corona can boast of several excellent Golf Courses! The Mountain View and Green River Golf Courses in the west, Cresta Verde to the north, the brand new Eagle Glen Golf Course in South Corona and the Trilogy Golf Course will keep any golfer entertained! All are surrounded by beautiful homes with fairway views!!
By 1996, Corona had 32 parks ... more by now. In keeping with the rapid development, many of the schools are new. And, you will not lack opportunities for shopping locally! All of the major "must have" stores, such as Costco and Home Depot, are here! A major shopping mall featuring Macy's, etc, is located about five miles east.
The opening of the Toll Road 241 was a major boon to the many who work in Orange County and live in Corona! If you work regular hours, the commute along the 91 Freeway can be daunting and time consuming! However, if you go at odd hours, it is an easy drive. Many Toll Road users have told me that the lower cost of housing and the upscale lifestyle of Corona easily justifies the fees they pay!
There is way too much to say about Corona to set forth here! Let me show it to you! You will be happy you took a look at the beautiful, manicured neighborhoods and most likely will buy your new home somewhere in Corona!
About Marlene Prescott:
Thank you for viewing my Market Conditions report! I have been happily and successfully representing Buyers and Sellers in North Orange County and the Corona area Since 1982. I love Real Estate and it shows!
I am a member of the Prudential Leading Edge Society which means I ranked among the top 6% of all Prudential agents nationwide. I have been affiliated with Prudential California Realty for the last fifteen years. The prestige and clout of Prudential, combined with my own expertise and experience, is a winning combination.
You will find me professional and easy to work with! Your questions and concerns will be addressed promptly and completely. A transaction is about you ... and I will always keep your best interests as my primary focus. I really listen to what you say.
I am a native Southern Californian, but went to High School on the Oregon coast before graduating from the University of Oregon. Following graduation, I was a social worker in downtown Los Angeles for eight years before I married and moved to Yorba Linda in 1972. I have a son and a daughter who are both currently living on the East Coast ... I try to visit them often.
I love to garden, read, attend live theater, travel and paint rooms in my house (among other homeowner things). I love my cats and crafts .... and life in general! I am forever searching for a highly scented candle and a good novel with substance!
EMail me at MarlenePre@AOL.com or call me at (714) 998-7250 with any questions you may have about my little corner of the world or our Real Estate market. You will receive a prompt, thoughtful and reliable response!
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
