Poway Real Estate Stats for June 2008

By
Real Estate Agent with Coldwell Banker Alfonso Realty

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.

Comments (4)

Michael A. Caruso
Surterre Properties - Laguna Niguel, CA

Hi Gerard,

Thanks for the info on Poway.  Have a great 4th.  Michael A. Caruso

Jul 02, 2008 12:43 PM
* Rate A Home
Rate A Home - Saugatuck, MI

Gerard, looks like a good start towards recovery, nows the time to buy!

Jul 02, 2008 04:47 PM
Gerard Maher
Coldwell Banker Alfonso Realty - Ocean Springs, MS
CRS Ocean Springs, MS

Michael: Thanks! You have a Great 4th too!

Duane: Now is the time to buy, and I'm telling my friends and family that. Thanks for your 4th of July blog.

Jul 02, 2008 05:53 PM
* Rate A Home
Rate A Home - Saugatuck, MI

Gerard, I agree with you, the rates are right and the home prices seem to be as well. Go get em.

Jul 02, 2008 06:35 PM