Frenzy Is Not Universal

by Jim the Realtor | Mar 30, 2013 | Carmel Valley, Frenzy, Market Buzz, Market Conditions | 3 comments

Let’s look at the detached-home sales closed over the last 30 days and compare the sales prices to the list prices.

Carmel Valley, 92130 Feb 28 – Mar 30

(20 of 49 went pending in 9 days or less)

13 of 49 sold for over list price (or over top of range):

$0-$10,000 over list: 4

$11,000 – $25,000 over list: 6

$26,000 – $50,000 over list: 2

$51,000+ over list: 1

Carmel Valley is arguably the hottest market in the county, yet only 27% of the sales went over list price.  Less than 10% (3 of 49) went crazy-over, paying more than $26,000 above list price.  The hottest action was in the lower range too, only 3 of the 20 sales over $1,000,000 were above list price.

A good example here on how the median sales price is more about the mix of houses selling than being an accurate reflection of pricing – will anyone in CV believe that their house went down 5% in price over the last year?

Three of the 49 sales were double-ended (buyers were represented by the listing agent), plus two that were sold prior to listing input.

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SE Carlsbad, 92009 Feb 28 – Mar 30

(21 of 52 went pending in 9 days or less)

13 of 52 sold for over list price (or over top of range):

$0-$10,000 over list: 5

$11,000 – $25,000 over list: 4

$26,000 – $50,000 over list: 2

$51,000+ over list: 2

SE Carlsbad is loaded with newer tract houses, and about half of the 92009 is in the Encinitas/San Dieguito School District. Yet only 25% of the sales went over list price.  Less than 8% (4 of 52) went crazy-over, paying more than $26,000 over list price.  The hottest action was in the lower range too, there were no overbids once the sales prices got above $860,000.

Four of the 52 sales were double-enders.

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The frenzy is focused on the premium products – the renovated houses in good locations with attractive prices.  If the frenzy is not for you, there is still plenty of opportunity, especially if you like fixers and/or are patient enough to let the OPTs sit for weeks or months!