Some of the coastal areas, including Solana Beach, by some measures could be considered "seller's Markets". Now in many areas of the county homes priced under $500,000 are selling in less than 30 days, at slightly over the asking price. There is actually a shortage of inventory under $500,000. Homes in the higher price ranges have always taken longer on the market because of the limited number of buyers that can qualify as the price of the home increases.
If your neighborhood is in Solana Beach here is an example: Your neighborhood has sold more homes (6) in the last six months, than are currently available for sale (5) and your neighborhood's average sale price is close to$1,500,000. That is remarkable in any market. Homes in that neighborhood area are selling now in about four months that is also remarkable. Many analysts would call that a very hot seller's market and it is a great home buyers market because even at list price many of these homes are bargain basement priced. For buyers there is the added bonus of all time low interest rates. The neighborhood being looked at is from the Lagoon on the North side and south to Loma Santa Fe Blvd and from the Railroad on the West to N. Granados Ave on the East.
In this neighborhood there were Six homes sold in the last six months at an average price of $1,441,167, there are Three homes in Escrow with an average list price is $1,616,333, and there are only Five homes on the "Active" market with an average price of $1,602,780. The average time on market for the homes that have sold is 122 days. There is some balance between a buyer's market and a seller's market in the area, but with the low inventory and short time on market it is definitely moving in the right direction. It looks like prices are slowly increasing.
If the next six months, is like the last six, it will confirm that this neighborhood market is in a real recovery. Nobody I've heard from says it will be quick, but all signs point to many neighborhoods in San Diego County going into a steady positive market recovery. That we hope will be a bit of nice Holiday news for you. This news will hopefully make the holiday season a little brighter for you and your family.
PS. If you would like a close look at your San Diego neighborhood real estate market condition contact RuthMills@MillsTeam.com
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