Much like the the rest of San Diego, Alpine has been experiencing an inventory shortage, where we in Alpine normally have a 100+ Single Family Homes on the market since late spring we have been running closer to 60 Active Homes for Sale in Alpine throughout the summer.
We have seen a reduction in Distressed homes sales in both short sale and foreclosure areas. The reduction in inventory has put upwards pressure on prices and also reduced the time that houses have been sitting on the market waiting to be adopted by new families.
As you can see in the graph below the Median Sale Price for Homes in Alpine are trending upwards reaching where prices were a year ago. While there is a lot of variety in Alpines houses from ranches to track homes this price increase is easily illustrated by the sales in Wood Glen the Townhomes located on Alpine Glen. The first was listed in December 2011 and closed on May 30th for roughly $181,575 when closing costs and repairs were taken into consideration. The second townhome was also a FannieMae foreclosure and was an interior unit and it closed at $205,000 with no closing costs credits.
Crown Hills is another area that illustrates this price increase as well. Usually we have several Crown Hills Homes for sale at any given time but several times this year where no homes have been active on the market. The ones earlier in the year were mostly Short Sales as as was 2356 Columbine while the other higher closing sale prices were traditional sales.
Below are Alpine Market Statistics for Active Listings, Pending (In Escrow) and Homes that have sold in the 3 months. The Days on Market (DOM) are especially skewed in the Active Listings due to some high end ranch estates in the Japatul area and the Eltinge Castle that have been sitting on the market for quite an extended period of time hoping to attract the right buyer.
The main thing that the charts below illustrate that the inventory is still low, although we did have a big week with 8 new houses coming onto Alpines Housing Market this week.
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