Home and Condo sales in Carmel Valley are showing how stable the market is when compared to other areas of San Diego. For the first two months there were 53 home sales recorded as closing with an average selling price of $1,184,962 and requiring only 37 days to get a home in escrow. We compared the results for the same time frame and went back five years so we could comment on a market trend for the zip code. For 2014 with the 53 homes sold we also noted 40 condo sales occurred for a total of 93 properties sold for the first two months. The number of single family homes has remained virtually unchanged for the past five years with an average of 52 homes sold. The condo market showed only minor fluctuation as well with 40 closings staying at the average.
When we compared how many homes had sold below that magical $1,000,000 mark, we noted that approximately half of the home sales were over the $1,000,000 price point. We noted that there were 4 homes that sold over $2,000,000 in each time period that we researched.
Observations and Point of View:
We see interest rates remaining under 5% with an average of 4.5% being the standard as we start the years. With economic conditions improving in the United States, we feel home sales will remain at the same levels as during the past five years. Prices did rise during early to mid 2013 and we see that homes in great locations will command a higher price than average homes in the same neighborhood.
To appreciate the true value of home in Carmel Valley, please consider that there are now 130 individual subdivisions in Carmel Valley. Each neighborhood offers many different characteristic and those unique features of a subdivision should be considered when valuing a property.
Please call us at (858) 361.7050 . We are The Tucker Team and We Know the Market! Specializing in Carmel Valley and coastal communities since 1989.