Hi All!
Here are the Stats for Detached homes in Poway for June compared with May:
| Poway Detached Homes |
New Listings June |
Home that went under contract in June |
Sold Homes June |
New Listings May |
Home that went Under Contract in May | Sold Homes May |
| Number | 48 | 28 | 35 | 35 | 14 | 29 |
| Avg List Price | $938,920 | $528,937 | $706,972 | $1,298,240 | $623,927 | $641,462 |
| Median List Price | $774,236 | $404,450 | $554,970 | $795,000 | $446,950 | $569,000 |
| Avg SOLD price | ------------ | ---------------- | $666,273 | -------------- | -------------- | $605,704 |
| Median SOLD Price | ------------ | ---------------- | $540,000 | -------------- | -------------- | $525,000 |
As you can see, the number of sales in Poway for DETACHED homes INCREASED from 29 to 35 and the number of homes that went under contract DOUBLED from May to June, but the market still hasn't shown a clear sign that we can say this is it, here is a clear pattern. Although the number of contracts doubling does seem to be a precursor for increase SOLD homes for the following month, with so many short sales lingering and falling out of escrow, we will have to wait and see. I still think that even though the AVG & Median Prices have declined, with the increase in number of homes under contract doubling, that seems to indicate that Buyers now think that prices are Right. And when more buyers come into the market like this, that tends to reverse the downward trend, and have prices level off or even start to increase. But we would need to see this trend continue for a few more months to see if that is the case.
Nevertheless, If you are looking to buy in Poway, with the prices down, and the contracts doubling, this would be a good time to get off the fence and jump in and buy. One never can see the bottom exactly in stats until after it has already happened, and by then it is too late. So, with mortgage interest rates climbing, and the prices down where more buyers are jumping in, if you are thinking about a home, contact me.
Gerard Maher is a REALTOR for the Poway, and San Diego area. Gerard specializes in Poway Real Estate, Scripps Ranch Real Estate, Rancho Penasquitos Estate and Mira Mesa Real Estate. You can reach him by email at G@CallGman.com or call him at 619-481-0882.
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