The real estate inventory continues to be low. Over the past 30 years I have been selling real estate in 92130 and I have never seen such a low inventory, especially relative to the number of buyers. My recent listings between $700,000 and $2,600,000 are all getting multiple offers. We recently held an open house on a property I listed at 4111 Sturgeon Court for $1,199,000. We had 89 groups come through the open house in two hours. We ended up having over eight offers on this property and we closed escrow to an all cash buyer for $1,251,888. If you’re thinking of selling or buying in the next 6 to 12 months please give me a call.
The demand for homes in 92130 continues to be very high. The number of detached homes that have sold through August is 9.4% less than it was last year at the same time. Because there were fewer sales and greater demand, the median sales price has increased 6.8% since last year at the same time. It’s too early to tell, but I believe spring of 2018 will be an extremely strong market.
If you’re considering selling your home, now is a great opportunity. The sale prices have continued to stay consistent over the last 12 months and the inventory is low. Good news for buyers, lender Guidelines are loosening up. Rates are always going to go up and down but rates are still historically low.
“Don’t worry about failures, worry about the chances you miss when you don’t even try”
– Jack Canfield
The home inventory level in 92130 continues to be the lowest that I can ever remember in the 30 years I’ve been selling real estate in Carmel Valley. According to Bloomberg “The US homeownership rate fell to the lowest in more than 50 years as raising prices put buying out of reach for many renters.” Both of these factors convince me that the real estate market in 92130 will continue to be robust.
“If we live by the principles of the gospel, we must be good people, for we will be generous and kind, thoughtful and tolerant, helpful and outreaching to those in distress. We can either subdue the divine nature and hide it so that it finds no expression in our lives, or we can bring it to the front and let it shine through all that we do.”
– Gordon B. Hinckley