Homes for Sale in San Juan Capistrano - What Happened in the San Juan Capistrano Real Estate Market in February 2013? The San Juan Capistrano real estate market showed strong overall sales results for February 2013 with 23 closed sales – slightly lower than last year’s sales volume of 25 closed sales. The month-to-month change in volume was up slightly but overall sales volume is constrained due to a significantly reduced inventory of homes for sale in San Juan Capistrano! Buyer demand for San Juan Capistrano real estate continues to be high – as of March 11, 2013, 46% of all available listings in San Juan Capistrano are under contract.
Here are the San Juan Capistrano Real Estate market highlights for the month of February:
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23 homes in San Juan Capistrano sold at an average selling price of $554,230 – sales volume decreased 8% and average sales prices decreased by 29% over the previous year. This is largely due to smaller homes selling in this period averaging 2100 square feet vs. 2981 square feet the year earlier. On a Price Per Square Foot basis, prices were actually up 11% and averaged $262 per square foot.
• The average asking price of these homes was $559,196 – selling at 99% of list price. The minimal reduction in final selling price is yet another indication of the strength of the current market, and lack of available inventory. Look for this number to tighten even more in coming weeks as buyer demand for homes in San Juan Capistrano continues to exceed supply and multiple offers become the norm.
• Selling prices varied from $145,000 for a 2 bedroom condominium in Capistrano Villa Apts which was a short sale to a high of $1,179,000 for a home in Hidden Mountain offering 5 bedrooms and 4000 square feet (includes condos and single family homes).
• 12 of the 23 homes that sold were standard sales and 11 were distressed sales – either short sales or bank owned foreclosures. The fact that almost half of all homes sold were distressed is very surprising as short sales and bank owned inventory is down substantially in the area. Only 5 of the current 70 active listings are distressed sales! As prices continue to climb I anticipate a larger percentage of equity sellers coming to the market.
• February 2013 sold homes averaged 104 days on market. This is down from 121 days on market in the previous year. This number reflects the longer time required to process and sell a short sale listing.
Useful Search Options for San Juan Capistrano Home Buyers:
• San Juan Capistrano Short Sales and Bank Owned Homes
• San Juan Capistrano Homes for Sale
• San Juan Capistrano Condos for Sale
San Juan Capistrano Home Sellers:
Whether you are looking to buy or sell a home in San Juan Capistrano, having the latest local information allows you to make good decisions when it comes to San Juan Capistrano real estate. San Juan Capistrano is a charming community made up of a large variety of neighborhoods where home prices can vary greatly from one neighborhood to the next. It’s important to work with a local San Juan Capistrano Realtor who knows the market – Broker Owner David Grbich is the #1 ranked real estate agent in San Juan Capistrano per ActiveRain. Call me anytime at 949-500-0484 with any questions on buying or selling San Juan Capistrano homes. I look forward to working with you!
If you are a San Juan Capistrano home owner looking to sell your home, be sure to read my recent article titled “Why NOW is The Perfect Time to Sell Your San Juan Capistrano Home”.
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