The number of homes for sale went down 66% compared to when coronavirus shutdowns began in 2020.
As we are in the beginning of the traditional home buying season, homes are selling at record times at record prices. The main reason is to feel good about the market is that the even the interest rates are increasing they are still in historic lows. With the increase of employment numbers and slowly recovering economy, indicates that people are confident about the market. Tight supply remains a big concern as it gets tighter with the busy home buying season starting.
Carmel Valley has always been a preferred area for so many families since early 2000s. It is a master planned community in the north of San Diego, grabbed attention from a lot of new home builders. We are sharing the current housing stats to give you a good picture of what is happening in the market.
Important housing market stats to understand the current real estate market:
* The median homes-sale price increased 23% year over year to $1,827,000 on all time high. This is the highest increase recorded in the Carmel Valley area. It was $1,420,000 a year ago in March 2020.
* Days on market went down from 39 days to 21 days. This shows that a lot of houses are being sold within 3 weeks.
* Inventory for homes for sale went down 66% from 93 homes in March 2020 to 31 homes for sale in 2021. This creates a lot of competition on the buyers that are in the market to buy a home.
* Months supply of inventory was 2.4 last year around the same time, at the moment Carmel Valley has less than a month of inventory with 0.7 months of inventory. This means that if there is no new listings coming on the market in the next 21 days, there will be 0 listing for sale.
* The average sale-to-list price ratio, which measures how close homes are selling to their asking prices, increased to 104.5%— 6.6 percentage points higher than a year earlier. Buyer are making offers higher than the listing prices.
*** Stats above is for Single Family Homes in Carmel Valley, 92130.