Homes Prices Are Up – Is It Time To Sell or Hold – Good afternoon everyone. I hope everyone is enjoying the warmer, sunny weather that is long overdue.
I wanted to reach to everyone today to discuss the “white hot” market. As most of you know, sale prices have been doubling month-over-month for the past quarter. Since December of 2012 sales prices have been skyrocketing. Nationally the median price point is up over 10.0% – that’s amazing. What does this mean for you – well, that’s an easy answer. If you are considering selling and making a move, now’s the time. With the Summer Sales season quickly approaching its imperative you know what to expect when listing your home for sale. With prices flying high, it seems every time you turn around whether it’s in Starbucks or in line at the grocery store there’s talk of how “good the real estate market is”. Be careful, there is truth to what you are hearing but there is a cost that you may not be aware of.
The median price paid for a Southern California home hit a 56-month high in March, rising 23.4 percent from a year earlier as the impact of foreclosures continued to fade and sales of mid- to high-end homes shot up. Total sales were the highest in six years for a March despite a sharp drop in sub-$300,000 deals, a real estate information service reported.
Sales normally jump between February and March, with that month-to-month gain averaging 36.4 percent since 1988. Last month’s sales were the highest for the month of March since 21,856 Southland homes sold in March 2007, but they were still 15.1 percent below the March average of 24,254 sales. The low for March sales was 12,808 in 2008, while the high was 37,030 in March 2004.
Here in San Diego the market areas that we have seen the greatest growth rates in areas above the regional median price point(s) for March 2013 are – Poway (49.2%) – Rancho Penasquitos (29.5%) – Carlsbad  (30.9%) – Carlsbad  (18.5%) – Carlsbad  (16.0%) – Solana Beach (29.4%) – Rancho Bernardo  (31.7%) – Mission Beach/Pacific Beach (38.2%) – Point Loma (17.3%) and University City at 57.1% with a median sales price of 490,000.00.
Some of the areas that you would least expect to see any pull-back in like Del Mar, La Jolla and Ocean beach all saw a double digit reduction in sale prices. Del Mar saw the greatest reduction at 43.2%, or a median price point at $809,500.00 down 4.9% from February 2013.
If you are a buyer looking for that perfect new home, be prepared to engage in a possible bidding war. Several of my clients that are actively looking to buy are facing a very crowded market space. With record low inventory levels, elevated list prices and a multiple offer scenarios, having an upper hand is the key to being successful. The first and most important thing you can do as a buyer is to call my office today. Having the ability to see real-time market data without having filter through all of the online, inaccurate data is the only way to start your search. By contacting Moser Realty Group and speaking to one of our agents, we can guarantee that you will be successful in finding that perfect home.
Please contact our office today to set up a free buyer pre-qualification with our lending unit. Our lender can qualify you for the BEST RATE available with no out of pocket and NO POINTS. Having your new mortgage ready to go makes your offer stand out when it counts.
You can reach our office at 858-525-2525 to set up your free consultation.