Real estate market update: A Snapshot of Corona Housing Market, by Jenny Gonzalez.

By Jenny Gonzalez

Real Estate Market Update. A Snapshot of Corona Housing Market

The Corona housing market has for the better part of the year been very competitive. Predominantly a seller’s market, price appreciation has shot through the roof in double digit. The high demand for homes has, however, not been matched by the sparse supply.

Homes have been receiving multiple offers, with most seeing bidding wars and people eager to own a home paying well over the list price. This trend, however, began to shift in July as more and more homes entered the market. Price appreciation has even slowed, as buyers begin to push back on the very high prices. If you are thinking of entering the Corona Housing market, here is what you should know.

1. HOME LIST AND SALE PRICES.

In July, the median sale price for homes in Corona was $$697,211. And up 3.5 percent in August with the average sale price of $676,211. The median list price in September was $671,990. The median list price of homes in Corona, CA is $699,888 verging on the $700,000s. With the median sale price in Corona October 2021 was $690,385.

2. STILL A SELLER’S MARKET.

Corona CA, is a seller’s market in October 2021, with more buyers in the market than there are sellers. However, the Corona Market is indicative of a “cooling” market—with homes staying longer on the market. Time seems to have passed when you sold a home the next day, unless you are priced right, have the right agent and have the right buyers.

3. DAYS ON MARKET.

Homes in Corona are spending a lot more time On the market

compared to previous months. In October, 2021 homes in Corona on average are selling after 41 days on the market. In the second week of October, the average market days for homes in Corona was 36 days, down 21 days.

4. INVENTORY.

Inventory in Corona in October 2021, is still very sparse with just under 200 active listings in the second week. This is a significant drop from August 2021, there were 310 active listings, July’s 252 active listings and September’s 240 active listings. The current month’s supply for homes in Corona is 1.6 months, a significant increase from 0.5 months’ supply sometime this year.

5. RENT.

Rent in Corona has in October 2021 dropped from $2,900 to $2,600. The decrease might be as a result of first-time buyers exiting the renting scene into the housing market. Home affordability in Corona is increasing, thanks to down payment assistance programs and more sellers are now accepting FHA MVA homes offers.

The pandemic has altered not only the Corona housing market but also the national housing market. But with more and more vaccinations and things returning to “normalcy” people from Corona are leaving the market into Riverside and Lake Elsinore. Not all people are opting to sell their homes though, some homeowners leaving the area are renting their homes out, leaving relatives to live in them and some are planning to visit the homes once in a while. Mortgage rates are expected to go up into 2022, something that will affect home affordability. Keeping that in mind and the fact that Corona is moving towards a buyer friendly market the time to buy is now. Head on to www.thepowerisnow. com and meet our qualified and experienced real estate agents to buy or sell your home.

ABOUT JENNY GONZALEZ

Jenny Gonzales has been in the real estate industry since 1998. Her career started at a company that did Real Estate and Loans. After six months of mastering that craft-loans (She’s a numbers person), she drove straight into Real Estate. Her first listing was of a couple in their 30’s that responded to a handwritten letter like all the other letters. The couple had spent on breast cancer treatments and had another baby coming. Their home cost them more than it was worth and just like that her first listing was short sale in the 1990’s. Her first buyer was a family with children the same as hers and the father was a police officer, she found them a home under the Officer Next Door Program. Jenny has been fulfilling dreams ever since!

If you are looking for an agent to guide you or somebody else in the either selling or buying their homes in the Corona, reach out to Jenny Gonzales on our Website: www.thepowerisnow.com On top of that, if you are looking to get preapproved for your mortgage, or need mortgage advice, reach out to Eric Lawrence Frazier, MBA, at 800-261-1634 ext. 703. You do not need to go at it alone!

ABOUT THE POWER IS NOW MEDIA

The Power Is Now Media is an online multimedia company founded in 2009 by Eric L. Frazier, MBA, and is headquartered in Riverside, California. We are advocates for homeownership, wealth building, and financial literacy for low to moderate-income and minority communities. The Power Is Now Media corporate office is located at 3739 6th Street Riverside, CA 92501. Ph: 800-401-8994 Website: www.thepowerisnow.com

Eric Lawrence Frazier, MBA. President and Founder, The Power Is Now Media

Works Cited

https://www.movoto.com/corona-ca/market-trends/ https://themurogroupre.com/october-2021-real-estate-market-statistics-forcorona-ca/ https://www.youtube.com/watch?v=2UM41tR4W_U