Real Estate Still Selling in the Hot Summer Months
Last updated 8/27/2015 at 11:37am
Summer is almost here and homes are still being sold! Inventory dropped from 91 single family homes for sale on May 1 to 78 homes on June 1. There are 137 lots for sale, down from 158 last month. Commercial property and multifamily home listings are up from nine to eleven.
In the case of single family homes, the average listed price is $317,452, down slightly from last months’ $322,691. We have seen the average days on the market decrease from 170 to 163. It is unusual to see a reduction in the number of days a home is on the market during our slow season. What this says to me is that newly listed homes are priced correctly and they are selling. One exciting trend is that local folks are purchasing homes. We have not seen this trend in many years. When we see local families buying homes, I believe it means that our economy is stable. Some of these families lost their homes during the housing crisis and are now able to qualify for the purchase of a new property.
Of the 78 homes on the market today, there is a wide variety of price. Listed at $90,000 is 3365 Carillo Road. This 966 sq ft cutie is a blank slate you can make into your own. It was built in 1962, and sits on a fenced 0.5 acre lot. Most of the windows have been upgraded and it has a one car garage.
Looking for something a bit larger? 2425 Hoberg Road may be the place for you. Listed for $249,000, it is priced to sell. Built in 1966, this 2,010 sq foot, 3 bedroom, 2 bathroom home sits on 1 acre and has been beautifully remodeled. There are French doors in the living room and master bedroom. It has new kitchen cabinets, newer appliances, Mexican paver flooring and Mexican style sinks in the bathrooms. This home is positioned so you have wonderful views of the mountains.
Fourteen homes are under contract ranging in price from $99,900 for a two bedroom fixer in Deep Well to $350,000 for a horse ranch on Borrego Springs Road. The average listed price for homes under contract is $209,784 or $114.35 per square foot, up $23,808 but down $37.37 per square foot. This trend indicates that we are selling larger homes at a lower price per square foot. Typically, smaller homes sell for more per square foot than large home.
Currently under contract, we have two homes in Club Circle, two homes in DeAnza CC, two homes in Vista Villas, one in Deep Well, one in Ocotillo Heights, one in Unit E, one in Unit G, one in Unit H, one in Villas Borrego, one in Road Runner Club and one not in a specific subdivision.
Twelve homes sold in May ranging in price from $64,566 for a manufactured home in Unit G to $415,000 for a home in deAnza Country Club. Year to date, we have sold 56 homes. Valley wide, the average sales price is $184,294 or $111.81 per square foot. This is down from last month $25,517 and up $2.77 per square foot. Looking at sales by neighborhood, Borrego Springs Park sold for an average price of $144,000 or $106.72 per sq ft. Club Circle E sold for an average price of $27,900 or $40.36 per sq ft. Club Circle W sold for an average price of $60,000 or $59.52 per sq ft. De Anza Golf Estates sold for an average price of $331,500 or $132.80 per sq ft. Deep Well sold for an average price of $173,125 or $118.57 per sq ft. Indian Head Ranch sold for an average price of $369,900 or $67.38 per sq ft. Ocotillo Heights sold for an average price of $134,250 or $95.91 per sq ft. Rams Hill sold for an average price of $275,989 or $144.73 per sq ft. Sun & Shadows sold for an average price of $67,001 or $63.99 per sq ft. Sun Gold sold for an average price of $124,900 or $76.53 per sq ft. Unit B sold for an average price of $280,000 or $171.46 per sq ft. Unit D sold for an average price of $360,000 or $151.26 per sq ft. Unit E sold for an average price of $140,000 or $94.34 per sq ft. Unit F sold for an average price of $203,333 or $125.28 per sq ft. Unit G sold for an average price of $118,783 or $97.36 per sq ft. Unit K sold for an average price of $222,667 or $121.17 per sq ft. Homes not in a specific subdivision sold for an average price of $173,250 or $129.39 per sq ft.
On the fence about buying a home? Prices are still low as are interest rates. In many cases your mortgage will be less than what you are paying for rent. Call your favorite REALTOR today to see what your dollar can buy.