Corona del Mar CA Home Selling Market Forecast for 2015
245 Corona del Mar homes sold last year during 2014. $2,174,168 was the average sold price of those homes.
Corona del Mar had a 4.6 percent drop in number of homes sold in 2014 as compared with 2013 – when 257 were sold.
73 Corona del Mar homes are now listed for sale on the multiple listing service – with average asking price of $4,456,000.
11 sellers at Corona del Mar got buyers into purchase contracts during the past 30 days.
Current asking prices are high as compared with average solds at Corona del Mar. 7 months is the expected market time (that time it would theoretically take to sell all homes now on the market at the current rate of sale).
- 2015 will present good opportunities at Corona del Mar for serious home sellers and buyers.
- Home sellers at CDM who list their homes close to fair market value – priced at what others have sold in those neighborhoods for during the past 3 months – will sell successfully.
- Home sellers who list at more than $4 million will find fewer buyers and need to be patient.
- Some sellers who list at high prices outside of range of fair market value and will be challenged by buyers who are willing to pay perceived value.
- Buyer demand will remain subdued, similar to 2014.
- The Corona del Mar home selling market will follow a normal cycle. The strongest buyer demand coupled with a new inventory of homes for sale will occur during the Spring, followed by slightly less demand and a continued fresh supply of homes in the Summer, then another drop in supply and fewer new listings in the Autumn Market. Finally, the distractions of the Holiday market 2015 will present lowest demand of the year and few homeowners opting to sell.
- The number of successful, closed sales at CDM will be similar to that from last year 2014 levels. Expect an increase in number of “move-up” sellers during 2015.
- Freddie and Fannie (government GSE’s) will have new loans for as little as 3% down.
There will be improved mortgage market competition from direct lenders who are not as government regulated.
Even though home loan mortgage rates have remained low for several years, the FED might allow the fund rate to go up. That would result in higher mortgage rates.
- 2015 will be a good year at Corona del Mar CA for home selling and buying.
By Harrison K. Long, Realtor, real estate broker, and professional real estate representative at Orange County CA. Source of some information is CRMLS multiple listing service and also ReportsOnHousing.com.
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