CARMEL VALLEY HOME SALES JANUARY - APRIL 2015
Looks like the good news just keeps rolling in. Carmel Valley single family home sales keep showing keen demand in the eyes of buyers along the coast. Location is king and our coastal environment keeps impressing all who seek the coastal lifestyle.
There have been 127 reported sales ( re sales) within the Carmel Valley zip code of 92130 from January 2015 through the month of April 2015. A couple of interesting notes……. Of the 127 home re sales, only 33% represented that magical $1,000,000 sale price. By Carmel Valley price standards, the Million Dollar or plus price point is the “New Normal” ! Thus , some 67 % of the remaining home sales showed a sale price of over $1,000,000. To be more precise: 77 sales occurred in the $1,000,000 to $2,000,000 price point!
Another observation……the average time on market for a home to sell is steady at an average of 50 days..lightly up up from last year but who is worrying? By comparison to national average, we are the envy of the nation.
The average selling price was also steady at $1,270,828 and the median selling price was $ 1,150,000. Very respectable numbers indeed.
Current inventory is building slightly and now hovers at 116 homes for sale on a daily basis. The units in escrow and Pending close of escrow number 71 which is a sign of our healthy marketplace. Again, average time for a home to report as “pending sale” is constant at just under 50 days. Again, it takes longer for the upper end of price point to be reported as in escrow.
OBSERVATIONS AND POINT OF VIEW:
Seeing the for sale signs come and go points to a very active market in Carmel Valley. We have studied and worked the zip code for buyers and sellers since 1989 and the history of buyer demand continues. We see a strong mid year sale summary for the area. We do note, however , that there is more competition for a buyer than last year. Pardee Homes is releasing 3 products in this quarter and the prices are from the upper $800’s to just over $ 1 million before improvements or upgrades. That means the majority of home buyers have options to consider….do they want an updated re sale or do they want a new home which will require down payment and then upgrades in cash? The answer is ….both will find their perfect buyers.
Prices will remain constant and show only a slight increase for the remainder of the year as we see it. Also, we know appraisers are having trouble adjusting for the sales activity as we are seeing appraisals sometimes coming in for less than the sale price. So it is imperative to keep current comparable home sales for appraisers to use when evaluating a home value.
Home value….that’s where we come in! We are focused on the coastal communities and have been doing research on those areas, especially Carmel Valley since 1989. WE KNOW THE MARKET! Don’t call anyone else…..We keep all the data and will respond to your buyer or seller questions before you buy or sell!
We are the Tucker Team! Reach us by calling or texting Tom Tucker Broker 858 361-7050