Carmel Valley Real Estate Update

Carmel Valley Real Estate Update

Carmel Valley is a beautiful community located in the upper northwestern area of San Diego County. One of the newer communities in San Diego, Carmel Valley is a master-planned community that was formed by the city of San Diego in 1975, but construction in the area didn’t start until 1983. Originally just a small area, the community of Carmel Valley has grown substantially recently. The community now fills the entire 92130 zip code. Carmel Valley’s current population is 42,047 and the median household income equals $120,886. The community is conveniently located near the beaches, and has a fabulous climate.

Like many neighborhoods around the country, Carmel Valley Real Estate was hit hard by the recent recession. Home values plummeted however, only 7 foreclosed homes came on the market from January to September of 2009 in Carmel Valley. The average listing price at the time was $2,380,285. In September of 2009, the number of Carmel Valley Homes For Sale was 79. Homes were sold in the area after spending an average of 411 days on the market. From January through September 2010, 249 homes came on the market with an average listing price of $1,107,157, and spending 72 days on the market. This year in September 2010, 55 homes sold in Carmel Valley, a 1.43% decrease from the same month last year.

As of October 6, 2010, there are 271 active listings and 12 foreclosures on the Multiple Listing Service in Carmel Valley. The average listing price is $917,813 and the median sales price is $651,930, up 8.7% from last year. Earlier in the year, the real estate market was seeing more activity in the lower range pricing, but this increase in the median sale prices tells us the mid to high range pricing are starting to see more movement. Over the past 9 months there have been 488 homes sold in the 92130 zip code. While the number of homes sold decreased from September 2009 to September 2010 from 79 to 55, the price of the homes sold has increased tremendously.

The continual decrease in mortgage rates throughout the country, and San Diego County has also played a significant factor in the rehabilitation of the San DIego Real Estate market. Lower rates are attracting buyers, and help to generate more activity. Currently in San Diego County a 15 year fixed mortgage rate is 4.016%, and 30 year fixed mortgage rate is 4.499%, and a 40 year fixed mortgage rate is 4.684%. While rates are slightly higher than last week, San Diego County has managed to stay lower than the national average in recent months.