There are currently 21 active listings in Carmel Mountain Ranch, 6 of those are distressed sales. The listing with the highest days on the market belongs to a townhome in the Collage area that has been on the market for 253 days so far and is priced at $285,000. It's difficult to say why it hasn't sold yet, but when buyers have other choices in that price range, even with 2 bedrooms, some might choose to go detached instead.
Just for comparison sake, the average home in this neighborhood when blending detached and attached homes, the average price per square foot is $283 spending an average of 70 days on the market combining the different types of properties. This figure has gone down substantially since December when it was much higher. This indicates that more homes are being sold and being seen going into the higher traffic season.
On the bright side, 20 homes in Carmel Mountain are in pending status. There are 10 properties in contingent status, (which are usually short sales waiting to be approved). All in all, the pending transactions are twice as much as the contingent ones, which is a good sign that we are getting fewer distressed sales coming into the market. For those waiting for the market to go down even further, if they are not shopping this year, they will miss their chance at their blue moon. The inventory going forward will be less distressed homes and when prices begin to rebound we'll have owners staying put, but since lenders are lending again, the market is predicted to be moving along this year.
As for the entry level market (condominiums priced under $150,000), statistically speaking, there are not that many left in the 92128 area, 3 to be exact and they range from 561 to 708 square feet, no doubt, most first time buyers know they are fortunate to live in the area at these entry level prices. Right now, they're ranged from $129,900 to $140,000.
In summary, the housing inventory for San Diego's highly commutable areas will always have higher demand, therefore their prices will steadily move up before the rest of the market. Since Carmel Mountain Ranch has always been in demand, it’s still going to be a highly desirable area moving forward, because it's located in the award-winning Poway school district and has everything the distinguishing buyer is looking for.
Carmel Mountain Ranch Market Update February 2012
