The Coronado real estate market, a generally upscale portion of the larger San Diego County housing market located about five miles from downtown San Diego; saw a decrease in the number of home sales along with a declining median sales price. According to statistics from DataQuick reported by the San Diego Union Tribune, the median sales price in San Diego County retreated from highs reached during the middle of the year. The median price in December 2010 was $330,000, virtually unchanged from $330,000 in December 2009. During May 2010, that figure had edged upwards to approximately $340,000, largely as a result of the federal and California housing tax credits. However, as the job market and consumer spending continue to face considerable challenges and are anything but stable, many economists are forecasting that the median sales price will remain relatively static. One expert suggested that the reason for this decline from previous months can be explained by the combination of properties which were sold. For instance, less-expensive properties were more commonly purchased in December 2010, while the middle and upper tiers had less influence over the market’s statistics.
There were more Coronado and San Diego County homes for sale purchased in December 2010 relative to month-ago levels, according to statistics from DataQuick. There were a total of 3,191 residential properties purchased in December 2010, representing an increase of more than twenty-four percent compared to November 2010. Although a seasonal increase in transactions is expected between November and December, the increase recorded this year was greater than the average seasonal boost. Foreclosures continued to be a major part of the Coronado real estate market in December, as more than thirty percent of the properties sold during the month were at some stage of the foreclosure process. According to the San Diego Union Tribune, there have been a larger number of foreclosure-related lawsuits as a result of the high levels of foreclosure. The commercial real estate market is seeing foreclosures as well, with a higher proportion of hotels in the county falling under bank control – largely as a result of the lagging effects of the recession.


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