The clock is running and the year is now half way completed. Home sales in Carmel Valley have continued their predicted success pattern and this first half-year results study proves the point.
For the first six months of 2015, there have been 221 sales reported by the regional MLS as having transferred title from seller to buyer. These sales results are made even more impressive given the amount of new construction that was available to buyers within 92130. Pardee Homes released at least 3 new subdivisions in the area and virtually every home to be completed was snapped up based on my site visits. The fact that are new construction sites and new product no doubt prompted some current home owners to “move up” from their existing home to a new home.
I compared the first 6 months activity for the past five years for re-sale homes to show the trend has been over the same timeframe year by year.
Year and Number of Units Sold:
2011 213 units 2012 233 units 2013 290 units 2014 255 2015 231 units
Average and Median Sales Prices:
Average $ 1,082 Median $ 917 Average $ 973 Median $ 855
Average $1,158 Median $ 989 Average $ 1,267 Median $ 1,000
Average $1,205 Median $1,170 * * reflects a 17% increase from prior year
Our observations & Point of View: The price increase over the five year study is very consistent to what we had predicted in earlier posts. Coastal property in San Diego, Orange, Los Angeles & up to San Francisco are all reporting increased demand increased sales prices.
Carmel Valley will maintain its vitality but the rate of increase in sales prices will tapper ( in my opinion ) as sustained increases that would build toward 20% appreciation in price cannot sustain over the long term. Buyer ability to increase monthly outflow for payment and taxes must soon be taken into consideration when pricicing a home. A seller market is what we have and indeed buyers are aware of that and will, in my view, begin to say enough is enough for that property !
We have been specializing in Coastal sales since 1989 and we look forward to providing you with the BEST level and most commited response to your real estate needs, now or in the future. Simply call (858) 361 7050 for The Tucker Team! We KNOW the Market!