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

Not much on the market in Carmel Mountain Ranch. Hang out for the next few minutes and I will show you what's going on. We are bringing you a Carmel Mountain Ranch real estate market update. If you're new to this channel, please hit that like button and subscribe. And if you'd like to talk about buying or selling a home, please send us a message or give us a call. We know the zip codes and we know the numbers. So let us know if you have any questions. Let's get right into what's going on in Carmel Mountain Ranch. Now, we are looking at right now 11 active listings. When we looked last month, there were 15 active and six pending. It looked like things might be tipping in favor of the buyer. However, that has not materialized over the last 30 days or so. What we have now are 11 active listings and eight pending. And the ones that are pending went pending rather quickly. So things in Carmel Mountain Ranch are still moving. And one thing I will point out here as I'm talking about this is we do not have data for the Lennar sales that are happening with the trails in Carmel Mountain Ranch. We know that those properties are selling and we know that some of them are now occupied, although the builder does not report numbers in the multiple listing system. And the only way to get at those numbers is going to be through the county tax assessor. And it's going to be a while before the dust settles and we really know what all those units sold for. Although what we do have here, which is interesting, is I believe we have one of these, one of these, where did it go? Oh, it's in the active category. We have one property that is on the market in the trails, although not being sold by Lennar. It is being sold by a private party who already purchased the property. And I believe this is the same unit. It may be or may not be the same unit that someone tried to sell earlier this year that didn't sell. It's up here on Ella Way. It is a four bedroom, three and a half bath, 2,469 square foot detached condo. That is the one thing to note about all of the homes being built in Carmel Mountain Ranch right now. There are 701 for sale properties being built and they are all condos. These up here on Ella Way are detached condos, Lennar's Marlowe product, but they're still condos. So 1.629 is the ask on that. And it's been on the market for 39 days. I don't know, folks, I don't think they're getting it, but that's quite a steep ask and way over anything comparable in Carmel Mountain Ranch. Maybe not way over, but it's over and it's a condo. It's the, I don't know, they're not gonna sell that high resale right now, especially not when Lennar is still selling brand new one. So looking at what's sold in the last 30 days, there have been seven, notably over here on Eastbourne Road, three bedroom, two and a half bath for 1.28, very strong sale price there. Over here on Cornwallis Square, these are also detached condos. 1.235 was the sale price there. And this is interesting because these detached condos in Carmel Mountain have a little bit of a driveway and they have a little bit of a yard, which I don't believe the Lennar condos do. And this is a fairly comparably sized unit to the one on Ella that's asking 1.629, sold for 1.235. So a lot closer to what reality is there probably. And then when you look at the market times on these sold properties, mostly very low, five, six, 11, eight, couple of longer market times. When you look at the market times on the pendings, all very low with the exception of this Provencal condo, everything under three weeks here. So speaking of market times and such, let's get into the longer term numbers in Carmel Mountain Ranch. Looking at median price going back to January of 2021, 934,000 was the median for detached home then. And then fast forwarding to the spring of 2022, when everything was at a premium, 1.388 million was the median price. We've had a couple of peaks over that 1.406 back in January of this year, 1.4 even in July. And it's been going down ever since then and rather sharply from September to October. Although if we go back to the sold properties, we should be able to see what, so we've had, there have been some lower sales, I guess. We got, yeah, eight, interesting, yeah, 835, 755. So we've had a couple of lower sales that are dragging that median sale price down. So it's not quite as dramatic as it looks, although median price has been down in Carmel Mountain Ranch since July. So if you're thinking of selling a home in CMR, that would be something to pay attention to. Although when we do look at what has sold, we see some very strong sale prices in general. Now, when we look at the percent of original list price to final closed sale price, we can see that like everywhere else in San Diego County, the spring of 2022 was the height of buyer enthusiasm when buyers were bidding 18.1% on average over and above the original asking price. San Diego County at that time was at 107%. So Carmel Mountain Ranch, definitely highly desirable. And then here you are at 118% in the spring of 22 and by the fall of 22, all the way down to 89.8%. We definitely had listings on the market in CMR at that time. It was a tough time when interest rates jumped up. Things got very weird, very quickly. But then look at this by February of 23. So just a few months later, already back above 100% again. We had a pretty big spike this year in March at 116.1% and currently Carmel Mountain Ranch is selling for 98% of original list price where San Diego County is 97.7. So pretty, pretty good there. And when we look at market time, Carmel Mountain Ranch is outpacing the San Diego County average market time by quite a bit. San Diego County at 30 days, Carmel Mountain Ranch at 17 days. So that is what's happening in Carmel Mountain Ranch. If you like this content, please remember to like, share, subscribe, and comment. If you'd like to talk about your Carmel Mountain Ranch property, we would love to talk to you. So send us a message or give us a call and we will talk to you again very soon. See you later, everybody.