July 24, 2022 - - This week I thought we’d look back at mid-June, analyze how pricing has behaved since then and give a wet thumb in the air forecast for how pricing will behave through the end of 2022.
The chart below by Cromford Associates, LLC, shows us for the monthly period ending July 15, county-wide sales $/sf averaged $291.54. This is down a significant 4.4% from the $304.50 measured for June 15. Sold prices went from 101% of list price to 99.3% of list price a single month! Old timers say they have never experienced such a huge swing in such a short time before. Average sales $/sf is now back down to the level we last saw in mid-April. The good news, however, is it still up 8.9% from the beginning of 2022.
On July 15 the pending listings for all areas and types show an average list price $/sf of $313.62, up 1.4% from the reading for June 15. Among those pending listings we have 99.5% normal listings, 0.04% in REO’s, and 0.5% in pre-foreclosures. Although the distressed segment of the market remains tiny, the number of pre-foreclosures has been growing over the last four month. Very few homes are going back to the lender, as any foreclosure auctions are almost invariably successful. I do not expect to see a dramatic increase in REO or foreclosure activity through the end of the year.
Putting my wet thumb back up in the air, my expectation for Mid-August is that average list $/sf price county-wide will remain about the same as the mid-July’s reading of approximately $292.00/sf. Through the end of the year, demand will probably continue to weaken, and supply will continue to grow with the average sales $/sf expected to be around $275.00, which is a 10% drop from the May sales $/sf top of $306.00.
Year to date there have been 80 closings in Corte Bella with the low sales $/sf of $222.99 and the high sales $/sf of $424.06. The average sales $/sf was $297.67. My expectation for Corte Bella year-end average sales $/sf will be in the $290.00 - $295.00 range in light of the dwindling demand and increasing inventory.
I am a year-round Corte Bella resident and put 100% of my effort into Corte Bella sales transactions and on occasion, other areas for my Corte Bella sales clients who are relocating. As the market changes it is important you have clear picture of the value of your home should you decide to sell. No one know Corte Bella me.
I sell Premier Properties with Premier Service.
The information contained herein is believed to be accurate however you are encouraged to confirm this information before relying upon it.
ACTIVE LISTINGS AS OF 07/24/22:
· 22425 N Los Gatos Dr., Quinta Model, 1,283/sf., 2/1.75, Corner Lot - $429,000
· 22516 N San Ramon Dr., Quinta Model, 1,283/sf., 2/2, Golf Lot - $459,999
· 13105 W Junipero Dr. Arcada Model, 1,684/sf., 2/2 - $489,900
· 12812 W Junipero Dr., Arcada Model, 1,660/sf., 2/2, vacant - $500,000
· 13510 Nogales Dr., Arcada Model, 1,684/sf., Private lot - $505,000
· 22713 N Pico Dr., Arcada Model, 1,636/sf., 2/2, Remodeled - $549,000
· 13432 W Los Bancos Dr., Encanto Model, 2,095/sf/. 2/2, - $599,000
· 12959 W. Rincon Dr., San Marco Model, 1,904/sf., 3/2 - $600,000
· 12839 La Vina Dr., Encanto Model, 2,095/sf., 3/2, Casita - $625,000
· 22718 N San Ramon Dr., Arcada Model, 1,684/sf., 2/2, Golf Course, Pool - $625,000
· 22823 N Los Gatos Dr., Encanto Model, 2,095/sf., 3/2, Casita - $650,000
· 12847 W Panchita Dr., Alameda Model, 2,726/sf., 3/2.5, Nicely updated - $699,000***
· 12832 W Rincon Ct., Cambria Model, 2,470/sf., 2/2, Pool – $799,900
· 23109 N Hank Ramon Dr., Figueroa Model, 2,840, 3/3.5, Casita, Golf Course - $810,0000*
· 23023 N Pederegosa Dr., Mirada Model, 2,593/sf., 2/2.5,3 car garage, Pool - $875,000
· 13307 W Rincon Dr., Figueroa Model, 2,784/sf., 2/2.5, Golf Course, Pool - $897,000
· 22027 N Arrellaga Dr., Arcada Model, 1,684/sf., 2/2, Fenced, private back yard - $506,500
* New listing this week
** Temporarily off market
*** Price reduction
COMING SOON
· None.
UNDER CONTACT ACCEPTING BACKUPS:
UNDER CONTRACT CONTINGENT ON BUYER SALE:
· 13005 W Panchita Dr., Cambria Model, 2,690/sf., 3/2, Casita - $699,995
· 23215 N Cardenas Dr., Mirada Model, 2,805/sf., 3/3.5, Casita, Putting Green - $729,950*
PENDING LISTINGS:
· 13354 W Junipero Dr., Arcada Model, 1,931/sf., Casita, Private lot - $599,000
· 13544 W Figueroa Dr., Encanto Model, 2,095/sf., 2/2, MBR Remodel - $629,500
· 13232 W Los Bancos, Figueroa Model, 2,784/sf., 2/2.5,3 car garage - $795,000
· 22410 N Del Monte Ct., Mirada Model, 2,559/sf, 3/2.5, Golf Course, Water - $925,000
SOLD LISTINGS (07/01/22 – 07/24/22):
· 22719 N Arrellaga Dr., Arcada Model, 1,636, 2/1.75 - $460,000
· 12930 W Micheltorena Dr., Arcada Model, 1,612/sf., 2/2, Recent remodel - $550,000
· 23325 N De La Guerra Dr., San Marco Model, 1,904/sf., 2/2, Private lot, Pool - $620,000
· 22516 N Padaro Dr., San Marco Model, 1,904/sf., 2/2, 2.5 car garage, Pool - $635,000
· 23227 N Cardenas Dr., Mirada Model, 2,840/sf., 3/3.5, Casita - $700,000
I am a Corte Bella resident. I may not be the listing agent on the above properties. If you or someone you know is interested in touring one of these properties, I would be happy to arrange a showing.
Commenti