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While the number of Carmel Valley San Diego community home sales have fallen 11% over the last quarter and 11% over the previous year, the average sales prices have risen 2.2% over the 2nd quarter this year and is up 12% over the 3rd quarter of 2010. The average sales prices for the community of Carmel Valley San Diego in the 3rd Quarter is $1,110,510 up 12%, whereas, last year in the 3rd quarter it was at $991,232.
The average number of days on the market is up 91% over last year, where the average is now at 78 days on market where in 2010 it was only at 41. The previous quarter had a market time of only 59 days which makes this quarter up 31.9%. The number of active listings has dropped 16.6% over last quarter, with a 6.4% drop from the previous year.
Banks are slowly releasing their excessive lending restrictions on qualified borrowers and interest rates are at record lows, but have been fluctuating up and down this quarter as a result of the erratic financial markets. Buyers are taking advantage of the values and opportunities available to them, and some of the inventory is finally getting absorbed.
With the holidays quickly approaching we will (naturally) see fewer properties coming to the market, meaning less competition for those that decide to sell their Carmel Valley homes. Good news for Carmel Valley sellers is that when inventory levels are low, and there is a shortage of move-in ready properties, Buyers are more likely to make strong offers when they find the right property.
In national news, DS News reports that the FHFA (Federal Housing Finance Agency) announced on Monday changes to the Home Affordable Refinance Program (HARP) that will allow underwater borrowers reduce their mortgage debt by refinancing at today’s record low interest rates. Under the new guidelines, the 125% LTV (loan-to-value) ceiling has been eliminated and homeowners with LTV ratios above 80% are now eligible to take advantage. Struggling borrowers can now cut their mortgage payments and start saving hundreds of dollars a month, and thousands a year.
Click HERE for the hyperlink for DS News in above paragraph.
The Dalzell Group is an all-family real estate team that has successfully represented buyers and sellers in San Diego since 1992. Headed by Jim, Ryan and Kevin, the Dalzell Group has experienced both good and bad markets and consistently produced results that keep their clients coming back. Ryan Dalzell coordinates the team’s marketing program. He joined the group in 2004 after working as a flight instructor in Carlsbad. Ryan lives in Carmel Valley with his wife Julie and their 3 children.