Last week we saw that the newer 2,700 square-footers in Carmel Valley were a hot commodity, and holding steady in the $800,000s.
What do you get for less?
Here’s a youtube video of three houses, two that just went pending, and one that closed, in the $600,000 to $700,000 range:
In other news, the median sales price has gone up four months in a row, which has some babbling.
“You have a floor,” said Louis Galuppo, a practicing real estate attorney and director of residential real estate at the University of San Diego. “Last year, (in July) prices were dropping in certain places and that’s not happening in certain areas now. In fact, that’s not happening in a lot of areas under $500,000.”
“The market can handle it all day long right now,” Galuppo said about the short sales and foreclosures that could come onto the market. Galuppo said people were afraid when foreclosures started coming into the market significantly last year, but since then those fears have been quelled — for the most part.
While uncertainties about the housing market and economy loom, some buyers have seen value with current home pricing as demonstrated by the 117 offers made on a Clairemont-area home last month.
From the North County Times, noting the 21% increase:
North County’s median house price rose to $440,000 in July, the fourth month in a rebound from a historic crash, an industry group reported Tuesday. The monthly HomeDex report released Tuesday by the North San Diego County Association of Realtors showed the median price of single-family homes rising from $415,000 in June and from $364,000 in March, its lowest level in six years. The $235,000 median for condominiums and town homes remained about 7 percent below month-earlier and year-earlier levels.
The market for mid- and low-priced homes is “red hot,” said Jim Klinge, a Carlsbad real estate agent who viewed the high home prices of 2004 and 2005 with skepticism.
But Klinge cautioned against putting too much stock in the month-to-month changes in HomeDex’s median, the level at which half of the sales were for greater amounts, and half for less. Klinge said sellers of luxury homes are beginning to drop their prices as the end of the summer selling season approaches. The late summer rush at the top end may have skewed median prices upward, he said.
“(Sellers) are thinking, ‘If we’re going to do something, we’d better do it now,'” Klinge said.
Nearly 8 percent of San Diego County mortgage borrowers are at least 90 days behind on payments, and thus in imminent danger of foreclosure, according to First American CoreLogic, a mortgage research firm.
The link to the NCTimes article: