Mira Mesa Homes For Sale market Update for December 2012 and year end review of Real Estate activity in Mira Mesa CA.
Mira Mesa Homes For Sale - December 2012 Real Estate Market Update
Mira Mesa is a largely residential community in northern San Diego city. Located approximately 15 miles north of Downtown San Diego. Mira Mesa is located North of the Miramar Marine Core Air Station and South of Rancho Penasquitos. To the East is Freeway I-15 and to West is Sorrento Valley. From the 2000 census data the total number of housing units totals 23,030 properties. To view the current inventory of Homes For Sale Mira Mesa Real Estate
The following table is a summary of properties currently in the market (as of 1.1.13):
From the above data the numbers of properties available is less than one month at 28 Active Listings, considering 41 properties Sold in the month of December. Also it is important to note the median Days on Market is 29 days. All the data above is fueling a very strong Seller's market with multiple offers and Buyers not being able to locate suitable housing. Interesting to note is that there are 145 properties under contract (Pending & Contingent).
This could have been attributed to the scheduled end of the Mortgage Debt Relief Act of 2007. This piece of legislation was extended to the end of 2013. We will review this numbers at the end of January to see if we continue to see a low inventory level. Visit Mira Mesa Homes For Sale to see the current inventory of listings in Mira Mesa.
The following table is a summary of properties Sold in 2012:
The following table is a summary of properties Sold in 2011:
2011 and 2012 results are very similar on the Sales Price and average price per SqFt. The notable differences are in the number of units sold 734 in 2012 and 631 in 2011, a 16.34% increase YoY.
Following are some of my anecdotal observations for the Mira Mesa Market:
• Low existing housing inventory. Less than one months supply.
• Home sales prices may trend higher as low supply continues to dominate the market.
• Buyer contracts are requiring “non-contingent of appraisal report” addendum's. Price inflation is becoming an issue, and certain buyers are getting shut-out from this market.
• Multiple offers in properties in certain areas. Low supply and high demand, some properties with 20 to 30 offers.
• Seller subsidies have almost disappeared. While buyers used to ask for some sort of assistance (ie – lower price, points paid, closing cost) the buyers must come to the table without any help from the seller.
• High down payments are becoming the norm including many all-cash offers.
• Low interest rates continue to fuel an incredible hot market. Current rates are at all time lows. Please review the latest Mortgage Rates Survey at our site.
In conclusion, the Mira Mesa Real Estate Market continues to favor the sell side of the transaction. If you are in the market for a new property, it is imperative to monitor the market for properties that meet your requirements. Understand market dynamics and understand that list price may not accurately indicate final sales price as property valuations are being set by forward demand needs as opposed to recent comparable sales activity.
Kouren Jouldjian, CDPE
REALTOR® / Broker Associate
CA DRE License 01487596