Mira Mesa Market Update May 2012

By
Services for Real Estate Pros with Award Referral Network Inc. DRE#00915227

There are currently 32 active detached home listings in Mira Mesa, where the listing with the lowest price is priced at $250,000. It’s a 3 bedroom, 2 bath home and has been on the market for only 4 days. The highest priced home in this area is in a value range between $565,000 to $599,000.  So, it looks like range pricing is back, probably because the distressed seller pricing their home vs. the traditional seller that doesn’t necessarily need to sell are on two very different pages.

Just for comparison sake, the average price for a home in this San Diego suburb has adjusted to $392,116 with an average size being 1489 square feet statistically speaking. Including distressed factors, homes are selling with an average market time of 39 days, which is a lot faster than they were selling last year.

On the brighter side, there are 122 homes in Mira Mesa that are either in contingent or in pending status. More than half of those homes are actually in “pending” status, which should close escrow within 30-45 days. Just to clarify, contingent status means a home is waiting for a short sale approval from the seller’s note holders, usually investors with interest in the property. These homes could be contingent for several months for many different reasons.

So, it looks like we are seeing a substantial decrease in inventory this year, but we are also seeing a decline in pricing compared to last year, as well. With favorable rates AND favorable pricing due to run out next year, there have been many multiple offer situations coming up in recent months. With the way prices have declined, the multiple offers must not always mean that all the offers are strong offers. We are still hovering in a buyer’s market, but there are enough offers being placed on a smaller inventory to make sellers feel they are in control.

Mira Mesa Market Update May 2012

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Lisa Hayashi

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