What’s happening in the Cambria townhome-condo complex is Carmel Valley these days?
First, the basics: Cambria is a townhome-condominium complex located on Tiverton Road in Carmel Valley, San Diego. It is situated just north of Del Mar Heights Road, just west of El Camino Real, and sandwiched between Quarter Mile Drive and Half Mile Drive. It is within the Solana Beach School District and is walking distance to Solana Highlands Elementary School and Torrey Pines High School. It is also close to the popular and newly-renovated Del Mar Highlands Town Centre, which is home to Cinepolis Luxury Cinemas, Burlap, Jimbo’s, Champagne Bakery and many other great restaurants and shops.
Back to Cambria and what’s going on in the real estate market there. Well, like in many other parts of Carmel Valley, San Diego, Cambria townhomes and condos inventory in 2012 has been very low but the number of sales has been steady (12 from 1/1/2012 – 10/3/2012) compared to last year where there 12 throughout the entire year. Here’s a quick summary of the numbers comparing this year to last year:
So, what’s going on here? Well, simply stated, in 2012 there have been more sales, in less time, for higher prices. Certainly things that typically favor sellers and things that have helped level the playing field, which has favored buyers for the last 5 years. Also worth noting, the highest sale price in 2011 was $470,000. So far in 2012, it is $512,500 – a 8.5% increase. This was also the first sale over $500,000 in Cambria since 2008.
This chart shows Supply & Demand for Carmel Valley Townhomes-Condos During the Last 2 Years:
The chart above clearly shows demand (sales in green) gradually picking up with the supply (homes for sale in red) dropping rather dramatically. This has helped stabilize the market while allowing prices to increase. Many homes are selling within days with multiple offers.
This chart shows the Median Sold Price & Number of Sales During the Last 2 Years:
The chart above visually depicts the increase in Median Sold Price of townhomes and condo sales in Carmel Valley with a simultaneous increase in the number of closed sales. (The number above each bar is the number of closed sales in that month). Worth noting: There were 163 closed sales from January through September 2011 and there have been 202 during the same period this year – representing a 19% increase in the number of sales.
So, if there are more homes selling, why is there less inventory? Well, the answer is in the question: More homes are selling, leaving fewer properties languishing on the market like in years past. The real question then is why are homes selling so quickly while prices are rising? It appears to be pent-up buyer demand, stable prices and historically-low mortgage interest rates.
We sold three (3) Cambria homes (listings) in the last 6 months. All were purchased with all cash and all sold in less than a week! When we list a home for sale, we help our home sellers prepare their homes for sale by cleaning, de-cluttering and staging when necessary. If it’s not market-ready, we don’t let buyers see it. Remember, home buyers are still looking for the best home for the best price, and sellers can’t expect to sell their home quickly unless they get it ready for sale and price it right. But if a seller is serious about selling their home and getting the best price in 4+ years, now is the time to do it.
Contact Diane & Kevin Cummins to discuss the sale of your home. While Cambria is in good shape and still recovering, each neighborhood is unique and knowing what’s going on in your neighborhood is essential before you buy or sell a home.