San Diego Real Estate Update - Carmel Mountain Ranch - September 2024

While some zip code struggle, Carmel Mountain Ranch is booming. Hang out with me for the next few minutes and I will show you what's happening in Carmel Mountain Ranch. Today is September 30, 2024, and this is a Carmel Mountain Ranch real estate market update. If you're new to this channel, please give us a like, subscribe so you don't miss any of these updates. We are all over the county every single week with these zip code by zip code, community by community real estate market updates, and we are happy to do yours next. Now, what's going on in Carmel Mountain Ranch? Hang out for a few minutes and I'll show you. Carmel Mountain Ranch is looking pretty good. It's a relatively small segment of the 92128 zip code and certainly somewhere that we've lived for a very long time, so near and dear to our hearts here in Carmel Mountain. But look what's going on here. 26 total properties that we're looking at, 9 currently active, 9 currently pending, and 8 sold in the last 30 days. That is balanced out, my friend. That is pretty interesting. Now, I will say this does not include any of the new Lenar properties that they are selling. That data is not being reported yet. Eventually it will be at this point. It is not and is not included in these updates. These are existing resale homes in Carmel Mountain Ranch. So 9 active, 9 pending, 8 sold in the last 30 days. Very, very balanced market. Let's take a look at the longer term trends now and see what's going on all the way back to 2021 January. Carmel Mountain Ranch median at 934 and then here we are in April of 2022 at nearly 1.4 million, 1.388 million, and then has exceeded that a couple of times here in January of this year and then again in July of this year up to 1.4 and down to 1.269 as of the last data point in August. So once again, these zip codes all over the county really peaked out in 2022 and have surpassed it in some cases. It surpasses it, it pulls back, it surpasses it, it pulls back. Really haven't seen a ton of growth in prices since spring of 2022. Now prices fell a long way in 2022 and bounced back which allows reporting to tell you that median price is going up and it has crept up but largely the same as it was more than two years ago. So interesting. Now let's look at the percent of original list price to close sale price. Carmel Mountain Ranch was one of the hottest in the spring of 2022 at 118.1%. That is 18.1% over asking price on average. People will bid and were falling all over themselves to get into Carmel Mountain Ranch and that exuberance has returned to a point here in March of this year 116.1%. So that's one of the highest readings that we've seen anywhere. A lot of people have talked about the Lenar Construction killing home values in Carmel Mountain Ranch but look at what buyers are willing to do to get into Carmel Mountain Ranch and I was working with buyers in Carmel Mountain Ranch around this time and I remember just we were we were having to bid like crazy to get in and then just a couple of months later or a month later it dropped to 106 and then a couple months later all the way down to 103 and then below 100% but again as of the last reading Carmel Mountain Ranch is back up over 100% 103.7% happy to report my buyer got a killer deal in Carmel Mountain Ranch because we were able to make that happen for them and everybody was cooperative and it and it all worked out so that leads me to tell you if you have a home in Carmel Mountain Ranch that you're thinking of selling give us a call send us a message let us talk to you about the best way to maximize your sale and conversely if you're looking to buy in Carmel Mountain Ranch we can definitely help you so that's that's that and then let's look at market time right now it is way down my goodness look at that San Diego County average 23 days Carmel Mountain Ranch on average selling in seven days ridiculously quick market time ridiculously quick yes so that's what's happening in Carmel Mountain Ranch right now if you like this content like share subscribe and comment we'll be back later this week with more neighborhood real estate updates and then on Thursday we'll be taking a look at the entire San Diego County real estate market not sure if the new September data will be out today's the last day of September and that data usually comes around fourth or the fifth of the month from San Diego Association of Realtors so if we have it Thursday we'll do a month over month overview if we don't have it on Thursday we'll just do a normal San Diego market watch so look for that have a great day and we'll talk to you soon