Carmel Mountain is located in San Diego, California and in the I-15 Corridor of the metro inland area. The neighborhoods are in a master planned community that's well located for major shopping, popular restaurants, award winning schools, country club golf course, nearby parks and recreation center, their own public library and easy commuting.
There are currently 41 active listings in Carmel Mountain, where the listing with the highest days on the market belongs to a home that has been for sale 158 days so far and is priced at $599,000. Most might believe it is a short sale, but it is a “regular sale” with words like “price reduced” in front of the remarks section.
Just for comparison sake, a home in the median price range, ($528,000) with an average of 1748 square feet in the area statistically, excluding distressed factors, is showing an average market time of 40 days. Unfortunately, when a seller does not price their home appropriately when it first gets on the market, it can miss it’s chance to be seen by the target buyers entirely and spend months trying to catch up to the correct pricing in successive reductions until new buyers eventually notice it and consider it’s true market value.
On the brighter side, 16 homes in Carmel Mountain are in pending status. Unfortunately, in this category there was a short sale listing on a home that was priced at $399,000 which stayed on the market even longer than the listing above at 235 days, before going into escrow.
So, whether a home is a “regular sale” or if it’s in distress, it seems homes are taking longer to sell and close escrow because the screening process that lenders are using (on the distressed seller’s as well as on the buyer’s end) has swung to the extreme cautious side. Except for the lessons learned by what Wall Street did to the markets, by trading debt for dollars, or in other words, securitizing it…
Nowadays, there are many excuses for slow money movement that no one can really justify, but when in doubt, they almost always default their reasons to the global economy concerns and short money supply of other countries.
Getting back to Carmel Mountain and the rest of the market update…
The good news in the last 3 months, is that 36 listings in the area have sold and the average to higher end homes are getting 98%-109% of their asking price. As for the lower end of the market (homes under $150,000), statistically they are selling at 89% of the listed price in this area, which in dollars, is just $10,000 below their listed price.
If you’ve been shopping for a home in San Diego and have noticed that the prices you were hoping for are disappearing, you’re not imagining that. Regardless, whether you’re considering the distressed part of the market or not, the housing inventory for desirable property in certain areas is still in very short supply.
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