Mira Mesa Market Update August 2013

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Mira Mesa is located in the metro inland corridor of San Diego, California. It's also home to the Marine Corps Air Station Miramar, which sees a lot of enlisted marines that relocate to the area. The area is desirable for a lot of reasons, as it has housing inventory that ranges from entry level living all the way up to more established two-story homes.

The sold market is still moving rather slow. Lately, some deals are falling out of escrow possibly because while people are waiting for escrows to close, their mortgage rates take a jump. Sure, that's just speculation, but when it happens in the same time-frame, it's hard not to conceptualize why. Broadly speaking, inventory is going up and in some areas, prices are coming down because of it. It's still a seller's market, but with the rates always changing, it's going to affect the market anytime the fed decides inflation is happening too fast.
Currently, there are 21 attached listings, 41 detached homes and 4 town homes in active and available status. They range in prices from $169,000 to $680,000.  In pending status, there are 51 properties with an average size of 1367 square feet and an average listing price of $387, 805. In sold status, in the last month, we find only 8 that have closed escrow and they sold in a range from $177,000 to $580,000. I might add, that they all had short escrows under 30 days, so it's possible a lot of them were bought for cash. Most of what I write about is for the last 30 days, but the report below compiles everything together.

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