We set aside this section of our blog to keep homeowners and investors aware of the home sales activity within Carmel Valley. Our updates and posts are researched by using the data available to us as a Realtor team coupled with research of numerous articles that pertain to Carmel Valley and how those influences create the “buzz” that is the Carmel Valley lifestyle.
FIRST QUARTER HOME SALES REPORT FOR 2016
We start off this year during the national election cycle. Yes, trends and policies do affect the housing market as well as interest rates for home loans. We start off 2016 and comment as follows on the first quarter home sales ( not including new construction) for zip 92130.
There were 101 homes re-sold according to the regional MLS for San Diego . The 92130 zip code is continuing to show how location , location, location come into play and the affect on sales. Location coupled with our great schools in Carmel Valley, fuel our continued popularity for buyers.
The 101 homes sold fall into specific categories as to price and square footage. There were 34 homes that sold UNDER that magic $1,000,000 selling price. There were 58 homes that sold in the “sweet spot’ of selling price of $1,000,000 to $2,000,000. There were 9 homes that closed escrow , selling over $2,000,000
The average square footage of homes sold during the first quarter was 2860 and the median square footage was 3234. The average time on market for home to be reported as in ESCROW and subject to due diligence by a buyer remained constant at 39- 45 days. Longer time was required to place those homes over $2,000,000 into escrow.
At the time of publication of this article , we report that there are 75 homes in escrow due to transfer title soon. The average home price per foot (asking) was $418 per foot and the average time on market was 39 days. The median square footage of homes in escrow was 2726 – homes over $2,000,000 were well over 4,000 square feet in size.
Sales Results are in for 2014 -
The market continues to demonstrate and reinforce the fact that all the critical components for desirability and demand for the “Carmel Valley Lifestyle” are being met . When we look at the entire year of home re-sales within the 92130 zip code we see what a truly amazing area Carmel Valley has become.
The results are in and here is the breakdown for 2014 and in this report we will use the data supplied from the database of a third party provider – Realist. This tracking company supplies data to the industry and we use this source herein since the report will also show a unit count of homes sold that may or may not have also been found in the regional “MLS”
There were 602 re-sale home sales reported during 2014. The AVERAGE home sale price was $1,305,793 and the MEDIAN price was $1,510,000. The average home price increased some 16.3% over sales reported for 2013 and the median increase over 2013 was reported as a 5.6% increase.
When we researched the average time on market for a home to be reported as “in escrow/pending” we discovered that the average time was steady at 45-55 days. This statistic has remained constant for the past 3 years in Carmel Valley.
We keep track daily, monthly, quarterly , semi-annually and annually of all sales within Carmel Valley. Why not consider as your real estate resource? We have specialized in Carmel Valley and along the coast since 1989. We “KNOW THE MARKET”! Reach us anytime (858) 361-7050
BELOW – prior posts and updates on home sale activity in Carmel Valley
Sales Results are in for 2013 – The re-sale single family home segment is as follows:
The demand for housing continues and the recovery was demonstrated by the continuation of low interest rates, a decrease in unemployment and the overall confidence in knowing that San Diego and Carmel Valley area great places to live. We again saw the importance of location and easy access to GREAT schools and shopping as being behind driving demand higher in Carmel Valley than any other zip in San Diego. Let’s have a look at the REAL numbers and compare our past year sales history.
For 2013, there was a total of 507 single family home transfers. this is the largest number of re-sale units sold since the creation of 92130 as a zip code. Of course there has been an increase in the potential number of homes that could come to the re-sale market market when you consider the average “stay” is around 5 years. The most intriguing thought is that the sellers were not participating in a “short sale” nor “bank owned” marketplace as the number of distressed sales could be counted on one’s hand. Therefore, in an open marketplace , it is very impressive indeed to see such activity. For the years prior to 2013, here are the comparison results: For 2009: 380 homes sold. For 2010: 418 homes sold. For 2011: 418 homes sold. For 2012: 490 homes sold .
The average selling price during the year averaged $1,176,000 up slightly from the past 3 years. The number of days to get a home into escrow was improved as we averaged 55 days during the past four years whereas for 2013, only 34 days were required to be on market until the home was placed into escrow.
Observations: With interest rates still very favorable ( around 4.5 % ), we see that demand is still high for the Carmel Valley lifestyle. We expect the first quarter to show strong results and we will keep tracking those numbers with our numerous posts on this blog site.
For the VERY best and more Knowledgeable TEAM, please call The Tucker Team (858) 361 7050 – WE KNOW THE MARKET!
PLEASE FOLLOW OUR EARLIER POSTs by reading the following ……..
Home Sale Results for Carmel Valley are now in. For the first nine (9) months of 2013;
We have tracked the continuing success story for Carmel Valley and the home re-sale market. Note: we do not track new construction results from developers in the area. For the first nine (9) months , there have been a record 424 sales that have closed escrow. The average selling price of $1,167,429 is up some 15% from 2012 for the same time frame. The average price per foot for selling a home is steady at $367 per foot which is simply a guideline that appraisers use when evaluating a neighborhood or zip code. The average time on market is 32 days for 2013 compared to 62 days for 2012. A noted improvement that suggests demand has been high all year long.
The following is from an earlier post which address sales for the first 8 months of 2013;
The results are now in – Home Sales for Carmel Valley for period of January through August 2013
We now have the results for the sale of Single Family Homes for the first 8 months of 2013 and will comment on the TRENDS as we see them emerging.
When we prepared the data for this “Trend” report, we compared the past 5 years of sales to comment on the emerging trend. For the first 8 months, five years compared, here are the results;
For 2009 , there were 232 units reported sold with an average selling price of $1,012,160 and an average of 63 days on the market and selling at an average price per foot of $339
For 2010, there were 281 units reported sold with an average selling price of $1,027,890 and an average of 48 days on the market and selling at an average price per foot of $342
For 2011, there were 286 units reported sold with an average selling price of $1,081,208 and an average of 67 days on the market and selling at an average price per foot of $332
For 2012, there were 335 units reported sold with an average selling price of $1,023,272 and an average of 64 days on the market and selling at an average price per foot of $325
For 2013, there were 383 units reported sold with an average selling price of $1,157,686 and an average of 32 days on the market and selling at an average price per foot of $365 .
The TREND is very clear – price increase on average at just under 10% , average market time to get the homes sold of almost 50% fewer days and the number of units sold is up from past years (2009) by some 65% ! We do see new construction being delivered but the demand still outpaces the supply not only for new homes but the resale market as well. Look for a strong fourth quarter sales result.
Here below is a POST from an earlier report on TRENDS for Carmel Valley home sales (Home Sale Results – 4 months 2013)
We continue to see the results of the incredible demand for Carmel Valley’s single family detached housing products. We have a “new record” for number of homes sold in the same timeframe when compared to the past 5 years ( Jan-April). There were 168 sales recorded from January through April of this year. Compared to 2009, when there were 86 sales, we can see an increase of ….are you ready for this?….. 95% that’s right! 95 % more sales occurred when compared to 2009! Let me create a more realistic approach/comparison. Let me take the Average of sales from 2009, 2010, 2011 & 2012 and compare the Average to the actual closed for 2013. The Average number of homes sold for 4 years was 114 and compared to 2013 , we still see a 45% increase in units sold!
The Average selling price was reported as $1,186,000 and the median price was $ 994,000 and homes sold for 98% of their asking price and within 12 days!
There are currently 89 homes for sale and only 17 of those 89 are listed UNDER the one million dollar asking price. There are 48 homes that are asking between one million and up to two million dollars. There are 24 homes that are priced over two million dollars!
We we consider there are 90 homes in ESCROW right now (May 1st 2013) – we can see that when those homes close escrow and add to the homes sold category, we may very well see our mid year reporting touting another record setting trend for the Carmel Valley Lifestyle!
Here is an earlier post showing the first Quarter of 2013 sales report analysis.
First quarter sales results were TRULY spectacular as we noted there were 103 homes that closed escrow in the first quarter. What is of special interest is the SALES SURGE that made these closings even more special. The demand for homes along the coast and of course within Carmel Valley was nothing less than record making. The Realtor community was surprised by the demand for homes then found NO supply! We noticed that all homes coming to the market were receiving special attention and then were receiving multiple offers in many cases. Homes were going to escrow often with a final selling price above the asking price. The investors and short sale and bank owned buyers looking for “deal” or “steal” were left holding nothing.
The average time on market for all sales was under 47 days and that figure would have been under 30 days if you extract the much higher priced homes which logically take more time to sell than the average home. That said, the average price of a home that closed escrow in the first quarter was $1,157,000 and the selling price per foot was averaged at $347 – above 2012 results. The first 60 homes of the 103 that sold during the first quarter had a final selling price of under that magical $1,000,000 selling price. That meant that 43 homes or 58% of total home sales exceeded a $1,000,000 sale price. WOW! With that in mind, no wonder area builders like Pardee Homes are building new homes where the price starts at around $900,000 to $1,000,000 (without upgrades).
If you consider the geography of Carmel Valley and its population of approximately 40,000 people, you would find that the number of sales within the boundaries of 92130 were very balanced. That means that the area has balanced schools, shops and access to work places that appeal to all buyers regardless of section within the zip. True, drive time to Interstate 5 from the east of Carmel Valley takes longer than say a home in the middle of the zip code but overall, commute times within Carmel Valley are easy to navigate.
With only 71 homes now for sale in Carmel Valley, expect buyer demand to be very high! That statement can be verified by the fact that there were 87 homes in escrow at time of this post (4.1.2013). That means there were more homes in escrow than inventory available to purchase. Buyer demand created by scarcity of supply. Read on for 2012 sales results below.
THE RESULTS ARE NOW IN FOR 2012 ! A STELLAR YEAR FOR SINGLE FAMILY HOME RE-SALES
With the election year now behind us, we can truly look at how amazing the market continues to be for Carmel Valley and the residential component for the area. In the following report and comments , we look at two segments of the total market, Single Family Homes re-sale activity and condo activity. The condo report will be a separate page within our blog. We do not comment on new construction from the area builders.
COMMENTS & OBSERVATIONS -2012 – With 488 succesfully closed single family home re-sale transactions, we can truly say the maket for Carmel Valley can be the center of national attention. With more than 40,000 now calling Carmel Valley home, we can truly say that the area schools, workplace environment and ocean access contributed greatly to the success of home sales in Carmel Valley. Additionally, the area developers are creating so few homes in each phase of new construction – demand remained high for great and nearly new homes in 92130. The area developers are producing product in the mid $800 to $ 900 price point which is the “soft spot” in the market. So when a buyer considers a more pricey property, say $1,500,000 , the re-sale seller has no competition from builders, only from within the re-sale market.
With the creation of Class A shopping and entertainment within Carmel Valley, consumers once again feel that Carmel Valley is the Lifestyle of Choice! Just try to find a parking place at the area’s premier centers on a Saturday night!
What is in the cards for the feature? Well with 488 sales last year and with the year staring off with only 56 yes 56 homes for sale, Carmel Valley will continue to gather attention from area buyers. Think about how closely located we are to the world class research and technology centers of San Diego. Better access as I see than the San Jose marketplace. We foresee the better located property showing an increase in sale price as well as a shorter time on market. Many homes now for sale are already receiving multiple offers on their homes. (That’s where we come in CALL US FIRST!)
Want TOP DOLLAR for your home? – We research all subdivisions, all sales and speak fluently on the entire coastal community. Consider us your resource for real estate. Call (858) 361.7050 for world class service and response! We are the Tucker Team and let us “Bring Home Results”!
We have included a chart which we created so you can see, graphically, how the trends have gone within the Carmel Valley market. Also, we provide comments further down in this blog page which will also allow a comparison for the first six months of activity within Carmel Valley. So here, in chart form, are the results for the entire year of 2012
|Year||#Units Sold||$Avg. Sell Price||Sale Price Ratio||Avg. Per Foot $||Days on Market|
If you would like to compare the annual to a previously posted SIX months of the year, the numbers for resale homes in Carmel Valley for the first 6 months of 2012 are as follows.
|YEAR||# Closings||Avg Sale Price $||Mean SP $||# over 1 Million $||Market Time Avg|
|2008||141||$ 1095000||$ 950000||59||49|
|2009||123||$ 1029000||$ 870000||51||62|
|2010||175||$ 984000||$ 872000||65||51|
|2011||183||$ 105200||$ 945000||67||75|
|2012||197||$ 992,000||$ 850,000||67||67|
Of course for the most precise valuation of your property – please consider us as your Real Estate Resource SO call or text us anytime. We are available to provide you the level of service you expect from someone who will represent your interests. We know the Market ! Call or text The Tucker Team (858) 361.7070 We hope you enjoyed the report and that which shall follow.
2. The AVERAGE square footage of homes sold has remained static for 5 years. Why is that? Answer: the local builders had historically built homes that were, on average, at or just over 3000 square feet with 4 to 5 bedrooms. Now, those homes are re-selling and when brought to the market, that is what the buyers want – at a good price of course
3. The AVERAGE selling price and MEDIAN price used to be in close harmony. That is no longer a trend we see. Why is that? Buyers are purchasing the small and more affordable homes more often than the larger homes with 3500 or so square feet. Affordability is the key word. Note that area builders are offering small and lower priced homes to the new market buyer. Evidenced by the fact that most of Pacific Highlands Ranch by Pardee homes has been downsized to the 2400 to 2800 square foot home buyer and the prices (median) have reflected the trend
4. ASK PRICE to SELLING PRICE RATIO has remained constant 95%. That means that if a home is property priced, marketed properly, the seller can expect to achieve a selling price that is, on average, 5% less than the asking price. Hence, your “wiggle room” for negotiations during an offer or counter offer from a buyer. By the way, buyers tend to offer less than 90% of the sellers asking price when they make an offer on a home.
5. DAYS TO SELL. The results of this category mean that the average time on market (if properly priced) to accepting an offer (subject to escrow & inspections, appraisal, etc) is running about 2 – 3 months depending on time of year. Yes, home sale curves are important to watch. Timing is and continues to be everything.