Your #1 source for Carmel Valley San Diego real estate market updates and luxury homes for sale. We follow the trends of both existing Carmel Valley San Diego homes for sale and recent Rancho Santa Fe real estate that enters into escrow. Our goal is to help provide you direction and analysis of the current conditions and future trends.
August 6, 2010…
Below is a snapshot of this week’s activity with Carmel Valley San Diego Homes for Sale:
Average List Price $1,251,516 …..Trend is down
Asking Price/SqFt. $380
Least Expensive Listing $199,900
Most Expensive Listing $11,500,000
Average Days on Market 69 …..Trend is level
Total Inventory 282 …..Trend is up
The Bottom Line – The activity in the Carmel Valley San Diego real estate market has remained somewhat level since last week. The inventory level in Carmel Valley remains at a yearly high of 282 active listings on the market, which is an important piece of the puzzle. An article in the San Diego Union Tribune this week addressed the possibility of a pullback in prices, which in the wake of the expired tax credits is a likely reality. The good news is we have likely also seen the bottom already (Spring 2009) with any pullback not wiping out the 11+% gain in San Diego home values this year. The Carmel Valley San Diego real estate market has been more stable than the County overall and should continue to be this way.
In the last seven days another 17 homes went into escrow in Carmel Valley San Diego. Out of the 17, there were 4 distressed properties; 3 bank owned and 1 short sale. There were 11 Carmel Valley San Diego homes that sold this last week, with only one being a short sale. After a Spring where the homebuyer tax credits spurred activity in the entry level Carmel Valley San Diego condos, we are just recently starting to see a few more sales at the high end Carmel Valley homes for sale, highlighted by 2 new escrows above $1.5 million this past week. This is due to lenders easing credit to well qualified buyers with significant (25% plus) down payments.
Buyers are looking for the best deals, electing for “safe” properties priced in the $500, 000 – $900,000 range. Neighborhoods like Costa Del Sol, Pelagos and Pacifica are selling well, as well as the higher end neighborhoods like Palacio Del Mar and the Pacific Highlands Ranch homes for sale.
Now continues to be a unique buying opportunity for investors and move-up buyers in Carmel Valley San Diego. To find the next great real estate value call the Dalzell Group, leading Carmel Valley real estate agents, at (858) 755-7740 for a private consultation.
