Market Update – What’s For Sale & in Escrow -Single Family Homes- Carmel Valley

Lots of ACTION this past week with comments on what is For Sale and what is in Escrow in Carmel Valley , San Diego 92130.  There are only a 130 Single Family Homes for sale as of May 19th.   Historically, there are generally more than 175 homes for sale this time of year – but not this year.  Why so?  It appears there is little thought to the ” I’m doing great at work and want a bigger – better home!”  So we see the homes that go on market are simply moving with some leaving the area for numerous reasons.   Also, the area’s largest builder, Pardee Homes is not producing the huge homes that they have offered  in the past in Carmel Valley.   Rather, they are producing homes that are 2200 to 2500 square feet in living space.  So, if you currently own a larger home than newer homes being produced- why move?   Looking at some “stats” – The average asking price of the homes for sale (130) is $159900 !   A reason for that is there a home on the market in the zip asking  over $10,000,000 and there are 9 others on the market where the asking price is at or over $5,000,000. These homes will of course raise the average.  The Mean asking price is stable at $935,000.   What is interesting is that some 45% of the homes now on the market are asking more than  $1,000,000 .  Average time on market and not yet in escrow is steady at 50 days.  Again the higher asking prices cause more time on market to be noted.
Let’s switch now to homes IN ESCROW. WOW …how exciting! There are 104 homes in Escrow and due to close soon in Carmel Valley. This reported activity is showing the strength of the market – one full of activity with sellers looking at multiple offers on their homes. Multiple offers are actively occuring in the price point of $850000 and below. Buyers are being told to write their highest and best offer before presenting their offers to the owners. The Average asking price for homes in escrow was $985000 – very close to the mean asking price for homes now for sale. That’s logical but again points out the strength of the market. Average time on market for homes in escrow is 50 days – the same as homes for sale. That means the terms “stablizing market” is truly in play!

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