Coronado is one of the most overpriced sub-markets in the county. That’s why there’s so much inventory. Most of the county is at 2003 pricing or lower. Coronado is at least 30-40% above 2003 pricing.
There were 63 closings (attached and detached) in Coronado in Q3 2008, before the economy took a turn for the worse. There were 28 in Q4, only 9 thus far in 2009. There are 261 listings in Coronado right now. Even at the Q3 closing rate, that’s more than a full year of inventory. There’s a definite disconnect between what buyers are willing to pay and what sellers want to get. And foreclosures aren’t there to bridge the gap.
The situation is the same throughout most of the coastal North County.
Places like Coronado and Cardiff will be among the last to bottom.
