We devote this section of our blog to keeping you informed as to the condo sales that take place in Carmel Valley. Our research is compiled using the latest data available to us in the local MLS – Multiple Listing Service, real estate updates from local periodicals and statatics from the Union Tribune newspaper. Comments made are based on our conclusions using our “field experience” to annotate and comment on the current and historic market. Also, we will archive earlier posts which relate to different timeframes for sales results. This way you can not only read our most current post, but also compare prior reporting periods and thus see the “trend” for the market.
The Results are In: Here are the results for 2014 for the condominium market within Carmel Valley
Here are the “raw data facts” –
There were 329 sales reported during 2014 and this shows a decrease in units closed but NOT a decrease in demand. Simply stated, there were not as many units brought to market and hence , fewer sold in 2014.
Prices however showed an increase of some 6% for the AVERAGE selling price of $497,119 and a 4.4% increase for the MEDIAN selling price of $475,000.
We saw a renewed interest in this very important segment of the market within Carmel Valley. Most areas consider the condominium market as a secondary or “entry level” component within other communities. But, within Carmel Valley, this tends not to be so true. By that we mean historically not many condominium complexes have been built which would satisfy the demand. The land and infrastructure costs combined with the complex nature of condominium development has kept many area builders from this market.
We Know The Market! Please consider us to be your real estate resource. Call us anytime (858) 361 7050 for a snapshot of value of your real estate ownership. We will provide precise data to help you with your investment decisions…now or in the future! The Tucker Team ….since 1989
The Results are in: Here are the results for the first 8 months of 2013 for condo sales in Carmel Valley
We compared the past three years using the same timeframe to report and compare sales for condos here in Carmel Valley. The results are as follows:
For the first 8 months of 2011, there were 138 units that closed escrow at a final average selling price of $367,738
For the first 8 months of 2012, there were 186 units that closed escrow at a final average selling price of $ 382,367
For the first 8 months of 2013, there were 223 units that closed escrow at a final average selling price of $449,494. That represents by units closed, an increase of some 61% compared to 2011.
The trend is that prices are showing dramatic increase and that demand is still greater than supply for 2013. We foresee this continuing to be the case as there are no new subdivisions of condos being built in Carmel Valley.
Below is a post from an earlier report of selling trends for condos in Carmel Valley
The results are in : Here is the Mid Year ( 6 months) Summary of Condo Sales
Due to the continued demand for entry level housing within Carmel Valley, the condo market sales have absorbed virtually all the inventory that has come to the market during the first half of the year. Year to date there have been 163 sales reported and the average time on market was just over a month. This statistic has remained constant for the past 4 years. The average selling price for a condo was $437,000 and that figure reflects an approximate 10% increase in average price when compared to 2012.
There are only 34 units for sale and that will cause prices to escalate as demand out paces supply. We researched our data and found that there were 45 units in escrow and due to close soon . These closings will no doubt again reflect an increase in selling price compared to the past 3 years.
Our goal is to aid buyers , sellers and investors in their decision making process. You can also review what is currently for sale within the entire San Diego county area by opening the tab at the top of this blog titled “search for homes” . Call us for any other updates. WE KNOW THE MARKET – The Tucker Team (858) 361.7050
An Earlier Post is available below:
This post will deal with Condo updates for the first 4 months of 2013 ( Jan-April 30th 2013)
A very active segment of the Carmel Valley lifestyle continues to be the condo market. There are no new projects being offered at this time so the buying public has been looked at the re-sale market a year now. The results are in. There were 101 closed sales for condo’s for the first 4 months of 2013. Sales for the same timeframe for 2011 and 2012 were 69 and 89 closed sales. So you can see an increase in sales, by unit count, over the past 3 years. Prices are beginning to increase which is logical when you consider there re-sale market has no competition. Currently there are only 11 units for sale ! The average time on market is under a month and supply does no appear to be increasing relative to demand. There are currently 30 units in escrow with final asking prices from $245,000 to $769,000.
Here is our first quarter (January through March 30th 2013) sales report for 2013 . For the first quarter of 2013, there were 72 closed transactions. The balance of two bedroom to three bedroom style units stayed constant during our reporting period. That means that virtually an equal number of (most likely) first time buyers were pleased to purchase either two or three bedroom floor plans. Within the more than 30 named subdivisions of condo’s, there are also one bedroom units but not many traded hands during this first quarter.
The number of units sold ( 72 ) compares very favorably with the overall 5 year study. Here is a comparison of units sold by year.
2009 31 units sold 2010 47 units sold 2011 51 units sold 2012 59 units sold 2013 72 units sold
The average price for a condo selling during the first quarter was $432,000 which compares to the previous four years which was reported as averging $ 390,000 . So the “swing” shows an increase over prior four year average of 10% . Is that true? Depends on how you look at things. The point to consider is that there is a variable to consider. For example, what if all units offered were smaller and how fewer bedrooms – the average selling price would be less of course. So what did to compare was to consider a very popular floor plan and then we tracked the sale of that floor plan over time. Indeed, it looks like we have had an 8 to 10% increase in real value for that floor plan! Way to go Carmel Valley lifestyle.
There are currently only 13 condo’s for sale in Carmel Valley ! The average time on market and not yet placed in escrow is 13 days. With 30 condo’s in escrow at the time of pubication of this post ( 4.4.2013) – there is supporting evidence that very strong demand continues for this important segment of the market.
The next article will discuss the market for condo’s within Carmel Valley for the entire year of 2012. If you enjoy our updates, please contact us at (858) 361 7050 to discuss your real estate needs. We KNOW THE MARKET! The Tucker Team.
Carmel Valley Condo Sales for the year 2012 – Much Buyer Demand
With the year now completed, we can reflect back to comments and observations we made during the year. Yup….demand remained high throughout the year and we ended the calendar year with a virtual flurry of activity in terms of closed transactions. In an earlier post , we noted that “buyers were back in the market…..big time”. That remained true for 2012. The area builders are producing single family homes and not condo’s – why? The main reason is liability. The inhereint risk of building attached housing comes from historic class action construction defect lawsuits. Also, demand is high for “entry level housing” in detached homes and so we see most homes competing if you will with the higher end condo market.
There are some 27 identified conod projects in Carmel Valley and we track all the sales and also have produced a report of Rental Rates being charged for the rental segment of the market. Be sure to send us a request for that report. We can send it to you electronically . The breakdown of sales for the past 5 years is displayed after our comments here. So please remember, we are The Tucker Team, full time coastal and Carmel Valley specialists since 1989 and we are here to “Bring Home Results”! for you! Enjoy the sales breakdown for 2012 and earlier comments on this page which covered sales for the first half of the year.
Sales Results for the past 5 years are displayed below
2008 2009 2010 2011 2012
214 sold 255 sold 242 sold 221 sold 258 sold
CARMEL VALLEY CONDO SALES FIRST HALF OF 2012
Here we are at the mid-year point and we completed our research of the condo market in terms of units that have closed since January 2012.
Buyers came back to the market…BIG TIME during the first half of the year. First time buyers especially started looking around and realized that rentals were becoming scarce, rental prices were on their way up so why not look at being a buyer. Banks said “OK let’s see what we can do for you”! Buyers found that Carmel Valley condo ownership could lead to future value and monthly rental payments were not much more than a mortgage payment. As a result, there have been 105 closed transactions during the first six months of 2012. The AVERAGE selling price was $ 371,000 and the average time to open an escrow was 51 days overall.
When we compared the total units sold for 2011 we saw that 221 had closed. Comparing the mid year results of 105, this could mean that we will surpass last years totals based on what has taken place thus far this year. Prices overall were static based on our research but consider how the rest of the United States would love to be in our shoes!
We foresee good results for the remainder of the year and for those of you who are “investors” and own a condo in Carmel Valley or along the coast…well you might consider what your options are RIGHT now! What a great time to consider a sale or an exchange using the 1031 IRS exchange guidelines to save you money. We offer a full array of service for you. Just call or text us any time at (858) 361.7050. We at THE TUCKER TEAM KNOW THE MARKET!
A LOOK AT CONDOMINUM/TOWN HOME SALES – A 5 year study
Carmel Valley 92130 Condominium/Town Home Sales
|Year||# Sold||Avg Sq Ft||Avg Sale $||Median $||Sale Ratio%||# Days|
We see a great difference when you look at number of units sold in 2007 when compared to 2011. There was almost a 35% differential when you compare those two years. What happened? Ah, the frenzy of Short Sale, Bank Owned and Auction placements hit a high in 2007. That was because prior to 2007, there were numerous Condo Conversions from rental to flooding of the market with conversions aimed at first time buyers. Now those days are over (2011) and there is a new balance in the re-sale of condominiums/town homes. You won’t see much difference in size of units (square footage) due to fact the builders tended to produce a more uniform sized offering. The balance of two to three bedroom units is still at about 50 / 50. Our prediction is that given the current economic situation (2012) we expect this segment of the market to continue to be in high demand but prices will remain static for the foreseeable future. First time buyers can only afford so much and with lenders keeping a close eye on buyer qualification requirements – well prices will reflect the newer and more strict underwriting guidelines.