Carmel Valley Market Trends

Carmel Valley Market Trends January 2015

We will provide the data that is relevant to keeping sellers and buyers aware of the Carmel Valley “lifestyle”.   This report, which is updated monthly, will provide comparison charts and statistical reviews which can be used to keep track on the Carmel Valley home re-sale activity.

Please review and then consider the “Tucker Team” to be your real estate resource.  We have been helping sellers and buyers in Carmel Valley and coastal areas nearby since 1989.    I have been a real estate broker since attending San Diego State University and thus….my entire career has been in the real estate industry.   “WE KNOW THE MARKET”   The Tucker Team    (858) 361 -7050.

Single Family (Detached) Homes Report for Carmel Valley

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January property sales in Carmel Valley were down 60%, from 30 sales in Jan 2014 to just 12. This was 65.7% lower than last month, which saw 35 sales in Carmel Valley. Overall, January 2015 sales were at their lowest levels compared to the same month in 2014 and 2013.

 

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The median sales price in January was up 10.2% from January 2014 and up 10.5% from last month. The median sales price for Jan 2015 was $1,130,500, compared to $1,026,250 and $1,023,000 respectively. The average sales price for January was up 3.1% from Jan of last year and down 2.5% from last month. The average sales price for Jan 2015 was $1,321,942, compared to $1,281,600 in Jan 2014 and $1,355,286 last month. January 2015 marked the highest ASP compared to January 2014 and 2013.

 

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Total inventory of available properties in January was up 11.5%, from 78 last month to 87 this month. It was up 2.4% from this time last year, which saw 85 homes available for sale. Jan 2015 marked the highest level of inventory compared to January 2014 and 2013. A comparatively lower Month’s Supply of Inventory (MSI) is generally more beneficial for sellers while a higher MSI is more favorable for buyers. Once again, the January 2015 MSI was at its highest compared to January 2014 and 2013.

 

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Days on Market or (DOM) shows the number of days the average property was on the market before selling. An upward trending DOM tends to indicate a move towards a buyer’s market, while a downward trending DOM indicates the market is moving to a seller’s market. In January, DOM was up 11.9% from 59 days spent of the market last month to 66. The DOM is up 61% from January of last year, which saw homes staying on the market for an average of only 41 days.

 

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By evaluating the selling price per square foot, we can get an indication of the direction that property values are going. Median Sales and Average Sales price can be impacted by a mix of properties hitting the market at the high or low end of the price range, the selling price per square foot provides a more normalized indicator of property values. In January 2015, the price per square foot was down 3.9% from $407 last month to $392. However, the $392 represented an upward change of 0.3% from this time last year and its average price per square foot of $390.

 

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Evaluating the selling price versus the original listing price, is another way we can evaluate what the market trends are. This comparison reveals the average amount sellers are agreeing to come down to get their home sold. The lower the ratio below 100%, the more strongly it indicates the market is moving in favor of Buyer’s. A ratio at or above 100%, indicates that current market conditions are more favorable towards sellers. The January 2015 comparison was 98.2%, up from 96.9% last month and up from 96.7% in January of last year.

 

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Lastly, we took a look at the monthly inventory, in comparison to the number of new listings and sales. The number of new listings in January 2015 was up 150%, from 18 listing last month to 45 listings, however, it was down 28.6% from January of last year, which saw 63 new homes listed for sale in Carmel Valley.

 

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Townhomes and Condo (Attached) Properties Report for Carmel Valley

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January property sales in Carmel Valley were down 60%, from 20 sales in Jan 2014 to just 16. This was 23.1% higher than last month, which saw 13 sales in Carmel Valley. Overall, January 2015 sales were at their lowest levels compared to the same month in 2014 and 2013.

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The median sales price in January was up 3.7% from January 2014 and up 13.5% from last month. The median sales price for Jan 2015 was $434,500, compared to $419,000 and $420,000 respectively. The average sales price for January was up 2.3% from Jan of last year and down 7% from last month. The average sales price for Jan 2015 was $452,809 compared to $442,415 in Jan 2014 and $486,848 last month. January 2015 marked the highest ASP compared to January 2014 and 2013.

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Total inventory of available properties in January was up 13.5%, from 37 last month to 42 this month. It was up 68% from this time last year, which saw 25 homes available for sale. Jan 2015 marked the highest level of inventory compared to January 2014 and 2013. A comparatively lower Month’s Supply of Inventory (MSI) is generally more beneficial for sellers while a higher MSI is more favorable for buyers. Once again, the January 2015 MSI was at its highest compared to January 2014 and 2013.

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Days on Market or (DOM) shows the number of days the average property was on the market before selling. An upward trending DOM tends to indicate a move towards a buyer’s market, while a downward trending DOM indicates the market is moving to a seller’s market. In January, DOM was equal to last month’s, which homes spending an average of 46 days on the market. The DOM is up 4.5% from January of last year, which saw homes staying on the market for an average of only 44 days.

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By evaluating the selling price per square foot, we can get an indication of the direction that property values are going. Median Sales and Average Sales price can be impacted by a mix of properties hitting the market at the high or low end of the price range, the selling price per square foot provides a more normalized indicator of property values. In January 2015, the price per square foot was up 1.4% from $396 last month to $401. The $401 represented an upward change of 1.9% from this time last year and its average price per square foot of $394.

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Evaluating the selling price versus the original listing price, is another way we can evaluate what the market trends are. This comparison reveals the average amount sellers are agreeing to come down to get their home sold. The lower the ratio below 100%, the more strongly it indicates the market is moving in favor of Buyer’s. A ratio at or above 100%, indicates that current market conditions are more favorable towards sellers. The January 2015 comparison was 98.3%, up from 97% last month and up from 98.1% in January of last year.

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Lastly, we took a look at the monthly inventory, in comparison to the number of new listings and sales. The number of new listings in January 2015 was up 100%, from 14 to 28 listings last month and up 3.7% from January of last year, which saw 27 new homes listed for sale in Carmel Valley.

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