San Diego Real Estate Update - Carmel Valley - October 2024

Pending sales are picking up steam in Carmel Valley. 92130. Hang out till the end and find out what's going on. Today is October 15th, 2024 and this is your October Carmel Valley Real Estate Market Update. If you're new to this channel, please give us a like and subscribe so you don't miss any of these updates. We are all over the county every single month and the list of zip codes is growing and growing as we get more special requests. So looking at Carmel Valley, right now things have actually improved a bit with regard to the ratio of active to pending listings in the last 30 days. And I guess the improvement is shifted a bit towards the seller side. When we looked last month, we had 80 active listings, currently 77. So not much difference in the supply. However, last month there were only 32 pending and 80 active. So now we have 77 and 39. So that shifts the imbalance of the supply and demand just a bit and does demonstrate that sales have picked up a little bit in the last 30 days. And in the last 30 days, 27 listings have closed escrow. So when we look 30 days ago, there were 32 pending, 27 of those closed, and we'd have to dig to find out what happened to the remainder. However, that is what's going on. So with 39 pending and 27 closed in the last 30 days, that really indicates that activity has picked up a bit. Buyer activity has definitely picked up and new listing activity has remained roughly the same. So let's take a look at the longer term trends here on our handy InfoSparks chart. Carmel Valley is a zip code that's way above the San Diego median. It has been forever as far as forever goes. Looking at January of 2021, the median price for a detached home in Carmel Valley was 1.682, and that climbed to 2.675 million in March of 2022, and then back down to 1.85 by the fall of 2022. And we've had some peaks and valleys since then. The highest peak looks like 2.925. Yeah, that note 2.95 in June of this year. So just this summer was the highest median that Carmel Valley has ever seen and then has remained fairly steady and dropped off pretty significantly from August to September. Although again, we're talking about 27 to 30 data points, so the data is going to be more jagged and the rough edges are smoothed out when you look at the entire county as a whole. However, still very high median price in 92130. It's not going to be for everybody, but those that it is for should definitely pay attention and especially sellers because when you have 77 active and only 39 pending, that means that there's a whole lot of those active listings not going under contract every 30 days and it's going to take a price reduction or it's going to take some sort of other market action to sell your home. So if you are curious about what it's going to take to sell your Carmel Valley home, please send us a message, give us a call, and if you're interested in buying a Carmel Valley home, let's go chase one of those 35 or 40 listings that might not sell this month and make them an offer. So let's look at percent of original list price to final closed sale price and much like the rest of San Diego County, well I guess not much like it, similar to it, Carmel Valley really peaked in February of 2022 and the rest of the county peaked in March and April in terms of percent over asking price that sellers were getting. 114.3 was the top of the mark in terms of how much over asking price on average buyers were paying and look what happened here. This is one of the more dramatic swings from 114.3 percent of original asking price all the way down to 86 percent on average by the fall of 2022. If you were buying in the fall of 2022 almost anywhere in San Diego County, you were probably getting a pretty decent deal relative to the original asking price. As we move forward through time here, Carmel Valley has bounced back up above 100 percent several times and the peak in the last couple of years here really well the peak since November of 22 was this March at 105.7 and then buyer exuberance has sort of fallen off since then down to 99 percent in August and now 99.5 percent which is still pretty good news for sellers although there are a whole bunch of you sellers in Carmel Valley that aren't going under contract in the coming in to the picture or without some adjustment in your marketing price. Now when we look at market time down from August to September, so that's interesting because just about everywhere else is up, so we'll see what happens next month currently taking 17 days on average for those properties that are currently pending. So that just goes to show you that when you price it well it will sell no matter what the rest of the market is doing and apparently in Carmel Valley pricing it well to sell causes a pretty quick sale relative to the 30-day average in San Diego County as a whole. So that is what's going on in Carmel Valley right now. As always if you're liking this content please don't forget to like, share, subscribe, and comment. Let us know where you're watching from. We know we have some special requests that have stacked up and we will get to those very very quickly here and then tune in Thursday for San Diego Market Watch. Until then have a great day and we will talk to you soon.