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%
Wow! Corona is going crazy! The market is not only heating up ... it is already HOT-HOT-HOT all the way up through the $700,000's! Homes are selling faster than they can be listed!
As of 10/13/09, there were 1082 Corona Homes in Escrow. The List prices of current Pending properties range from $50,900 to $1,500,000.
Inventory has decreased again but only slightly! Multiple offers and overbids are the norm ... especially in the lower price ranges. 20-50 offers on one property are not unusual!
The Corona Market has reached the point where sales probably will not continue to increase significantly ... unless inventory increases also!
We have been hearing for about 18 months about the huge wave of REPOs that are about to hit the market! Bring them on! There are plenty of Buyers for them. We need more inventory!
It is getting very hard to find a really 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 will never go. This requires careful consideration of the comps!
86% of the Active listings in Corona are priced at $500,000 or less. And, the lower priced listings are being snapped up very, very fast!
Compare today's ratio of Pending to Active listings with 2008!!! This says a lot! As of yesterday, the stunning, average ratio of all Corona Pending to Active listings is a whopping 190%!!!
Corona is definitely on the way up and has been for many months. It is now a very intense market and prices are beginning to increase slowly. The only reason prices have not gone through the roof are the newly mandated Appraisal Guidelines that went into effect on 5/1/09.
Note the ratio of 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. Multiple price reductions are still around if the home was overpriced to begin with. And, some homes still go for below list price. But, not many!
In general, Buyers no longer have a lot of time to make a decision if they want to buy a Repo or Short Sale or, for that matter, an Equity sale. Expect to make at least 4-5 unsuccessful offers and bid over list price before you finally land a good one in the lower price ranges.
Overall list prices in Corona range from mobile homes, small condos and older fixer houses listed for under (some are way under) $200,000 to $10,995,000 for a 2009 Tuscan syle mansion in South Corona, on about 3 view acres, with 14,873 sqft, every luxury imaginable, 5 garages and an olive orchard
The dominant price range, as to activity, is $200,000-299,999. With 135 Active listings and 371 homes in escrow, the ratio is 275%! An increase.
Homes listed under $200,000 have a 211% ratio of Pending to Active.
The price range of $300,000-399,999 also has a stunning ratio of 195% with 179 Active listings and 349 Pending! They can't list them fast enough!
The ratio of Pending to Active drops significantly at the $800,000 price line but only to 57%, The actual counts of the listings are lower in the $500-800's but the ratios are still good.
The $500,000's have a ratio of 91% Pending to Active. First time in years there has been so much activity at the higher price levels in Corona! The range of $600,000 to $799,999 has a ratio of 115%
There are 18 available homes listed at over $1,000,000 and most of these are very spectacular and on large lots ... many with great views! But, there are now only 2 homes in Escrow in this range! This segment of the market is still very slow. The highest priced Pending sale is listed at $1,500,000.
A huge number of Corona properties closed escrow between 8/15/09 and 9/14/09! I cannot chart all closed listings in this report so I have picked out a popular price range to explore in depth.
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 details about this range.
56 homes closed escrow between $300,000 and $350,000 alone! 43 of these (77%) closed at 100% of list price or higher.
Of all closings in this period, 16 had reduced the price at time of sale. 2 listings stuck with the original price. 38 homes raised the price at closing.
Ratios 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 OR multiple offers where the price is simply bid up. The third situation could involve a Short Sale where the bank simply wants more than the listed price which the bank did not set.
54% of the closed listings (30 homes) were Bank Owned Repos. Average ratio of sales price to list price was 103% in this group. 94% was the lowest ratio. All other ratios were between 97% and 122%
16 of the closed sales (29%) were Short Sale listings. Average closing ratio in this group was 102%. Short Sale closings ranged between 92% and 115%.
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.
Only 10 closings were Standard Equity Sales. This means they were owned by a human who had enough equity to sell. Closed to List ratios averaged 100%. Ratios ranged from 94% to 105%.
So, it appears that once 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 only 50 days for all Corona closed sales. This means the number of days from date of listing until the property is reported as "Pending".
Days spent in "Taking Back Up Offers" status are counted as Active. Many Short Sale listings continue to take Back Up offers until the very end and so wind up with very long DOM records.
If you disregard four Short Sales that took 244, 388, 333 and 407 DOM to go Pending .... the average DOM for the other 52 Sold listings drops to 28 days. 19 listings had pending status in under 10 days as reported by the Agents.
Almost without exception, a successful offer will include an escrow period of no more than 45 days.
Great time to be a Buyer if you really jump in!! AND, a great time to be a 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!
Attached homes 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 spacious and well located condo here 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 visable 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 zip code 92880 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 the single family homes. 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! The city 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 can still sell in 30 days or sooner. Homes that are over priced, for what they are, tend to stay on the market awhile.
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!
In 2001, I ranked among the top 6% of all Prudential agents nationwide. I have been affiliated with Prudential California Realty for the last twelve 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.
