So far, 2013 has been a good year for the San Diego real estate market. All throughout the different cities and neighborhoods, housing prices in San Diego have been steadily rising. Some areas have been seeing bigger growth than others, and one of the leaders on the northern side of the city is Carmel Valley. Carmel Valley real estate has exhibited a number of different characteristics thus far this year that show this community is poised to show even bigger growth as the year progresses.
Carmel Valley Real Estate Values are on the Rise
According to the San Diego Association of Realtor's March 2013 data, single-family homes in Carmel Valley have seen substantial gains throughout the beginning of the year compared to the same time period in 2012. Last year, as of this time, the average year-to-date sold price of a Carmel Valley home was $807,000. In 2013, that number has skyrocketed to $963,500. This shows a nearly 20% gain in the average value of homes sold in just a one-year period.
Carmel Valley Homes for Sale are Closing Faster
Buyers are everywhere, and with the current shortage of Carmel Valley homes for sale, they are becoming more and more competitive. Properties are selling a lot fast than they have been in recent years. For the first few months of 2012, the average time on market for a home sold was 91 days. This year, Carmel Valley properties have been selling in an average of 59 days – saving sellers over one month.
Many times, homeowners who put their properties up for sale are receiving multiple offers within the first few days of listing. With fewer homes on the market than at any point in recent history, it is not uncommon for sellers to receive a number of contracts above their listing price. It has increasingly become a cash buyer's market, and these buyers often look for no concessions – just acceptance of their offer by the seller.
Although we are seeing big leaps in San Diego property values all over, a few communities such as Carmel Valley are leading the pack. In just the first few months of this year, Carmel Valley real estate prices have seen big gains – almost 20% over the previous year. At the same time, these properties have been selling significantly faster.
Many homeowners in Carmel Valley are getting an idea of how strong the current seller's market is and are realizing this is an ideal time for many of them to sell their properties. Take a quick look at our simple Property Value Calculator Estimator if you're ready to find out what your San Diego house is worth.