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The Carmel Valley real estate market continues to be one of San Diego’s most stable and strong neighborhoods. Driven by a growing employment base, excellent schools and abundant community amenities, the November sales data reflects buyer’s preference for this centralized North county community.
Homes in Carmel Valley have seen a 1% average price increase over the previous year and are up 0.9% from October’s numbers. The average sales price for November in Carmel Valley was $1,018,200, whereas last year it was at $1,007,730. Drilling further down into the numbers we see that buyers have found a “sweet spot” in the $750,000 to $1,250,000 price range, where the inventory is actually below normal levels at just over 3 months inventory. Time on the market is also very healthy at just over 2 months.
The inventory of Carmel Valley homes will increase after the New Year as traditionally homeowners wait until after the holidays to list their homes. New construction homes in Carmel Valley are also starting to resurface after essentially lying dormant for the past several years. When faced with the choice between new and resale homes it’s important for buyers to consult a realtor who can help assess the best options and strategies that go in to the decision. Now is also an excellent opportunity for buyers to take advantage of historically low interest rates. Lenders have begun easing their strict loan qualifying guidelines and there is currently a wide range of financing programs to fit specific needs.
As we head into 2012, an election year, we anticipate a stronger Carmel Valley housing market than 2011 with signs pointing to a strengthening local economy. Distressed properties (short sales and foreclosures) in Carmel Valley and the surrounding coastal communities continues to be at lower levels than other parts of the county and the state, which should result in a stable market moving forward.
As the expression goes “real estate is local” with every neighborhood within Carmel Valley being unique unto itself, so for more specific information about real estate in your community please contact the Dalzell Group at (858) 755-7740.
Jim and his wife Jo have lived in Carmel Valley since 1987 and first got into the real estate business in 1992 after a successful career in the construction industry in South Africa. Kevin Dalzell joined the team in 2002 after playing professional rugby in Europe (represented the U.S. in two Rugby World Cups) and is now living with his wife, Nina, in Solana Beach. Ryan Dalzell coordinates the team’s marketing program, and he joined the group in 2004 after working as a flight instructor. Ryan lives in Carmel Valley with his wife Julie and their 3 children. Amber Worsham recently joined the team as the new Marketing Manager & Transaction Coordinator. With over five years of experience in marketing real estate in Coastal North County, Amber provides us with extensive expertise in the print, internet and direct marketing aspects of the business.