Lemon Grove CA Monthly Market Report May 2013
In our always popular City of Lemon Grove, we’ve seen a few more homes come on the market over the past month; some of this is due to overall rising prices, and the new fact that some homeowners who were underwater with their mortgages, now have enough equity to be able to sell. It’s a very fortunate situation for all, as some of these sellers are downsizing, and by putting their homes on the market they are enabling a few more buyers to enjoy a piece of the American Dream of homeownership.
As always, Lemon Grove maintains a high desirability because of its affordability. The most in-demand single family homes have at least 3 bedrooms and 2 bathrooms, and this month’s report focuses on this size of home.
Ending in May, we have 15 active listings, and the averages are as follows:
3 bedrooms, 2 bathrooms, 1445 sq ft, list price $352K, and 14 days on market
Our 15 contingents (short sale listings) have the following averages:
3 bedrooms, 2 bathrooms,1562 sq ft, $262K, 138 days on market.
Our 29 pendings, which include short sales which have finally received bank approval, have the following averages:
3 bedrooms, 2 bathrooms,1591 sq ft, $326K, 23 days on market
In May 2013 there were 12 homes sold, with the following averages:
3 bedrooms, 2 bathrooms, 1458 sq ft, $330K, 53 days on market.
The short sales continue to add dramatically to the total time on market. Watch for this new trend to continue: the banks are now frequently coming back with higher dollar counters than the original contracted sales price, even on cash offers with no appraisal contingencies.
Stay tuned for more news and events from Lemon Grove CA.
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© 2013 Barb Fischer San Diego La Mesa
