I went to an open house yesterday in Coronado and talked to the realtor. He told me that prices would not go down in Coronado because everybody here has so much money that they will just take their house off the market if they can’t get their target price. I told him that was true of many Coronado owners but there were a certain few who really stretched to buy their home and are going to be forced to sell. Those few will then set the value for the whole market.
I then asked him what he thought of the fact that there was an 18 month supply of single family homes in Coronado. With a great deal of unconcern, he replied that instead of taking 30 days to sell a house here, now it takes 60 days. 60 days with an 18 month supply?! I’m not so sure that he passed Junior High math!
