If you have been tipping your toe into the Capistrano Beach real estate market, the most recent sales stats may encourage you to dive right in the deep end! Although there are some signs of recovery on the horizon, sales prices are still at record lows, but a shortage of inventory has begun to cause bidding wars in this highly desireable beach community.
Here are the sales stats comparing March last year with March 2012. The trend shown by these numbers indicate that prices are low, sales times are decreasing and there is a lack of available properties for buyers to choose from. However, if you are serious about buying a home, then the time is perfect to get a "steal", lock in a low mortgage rate, and be in place to reap the benefits of a recovering home market. Here is some information on home values and where the market is now.
CAPISTRANO BEACH HOME SALES-STATS FOR MARCH 2012
- MEDIAN PRICE- The average sales price for homes in Capo Beach declined from a year ago, from an average of $575,000 to $425,500. This is a 26% decrease, but keep in mind that analysts predict a leveling off of declining values this year, and we are already seeing it happen here. Don't wait until prices are higher!
- HOW MANY SOLD- The number of closed sales declined for March 2012 when compared with 2011, 8 versus 13, which is a 38% decrease. This could be due to the low inventory.
- HOW LONG TO SELL THEM- The average days on market decreased dramatically, from 132 to just 74 days. This is a 44% drop-evidencing a hot market!
- MARKET SUPPLY- Last month's inventory increased over this time last year, with a current supply of listed properties that would serve buyers for 9.5 months.
- NEW LISTINGS- the number of new listings dropped by 20%, from 83 down to just 66 in March 2012. This has started a bidding war on desireable properties, and increased the sales price vs. listing price by 45%.
Living in Capistrano Beach offers a laid back lifestyle that offers everything that beach living means-and also means you are close to great schools, ocean view parks, shopping, amazing restaurants, outdoor concerts and easy freeway access too.
Don't wait too long-now could be the optimum time to make your dream of living at the beach come true-it may never be more affordable to own in Capistrano Beach!
Susan Gregory is a Realtor, Author and Trainer who has living in Capo Beach for over 18 years and specializes in beach property. Visit SusanGregoryRealtor.com.