Not sure it’s a common Spring “fever”, or the 2~5% /year inflation? One more case, MLS 066102761, its Original List Price (for the same plan) was $435,000, now 478,900. The builders might play some numbering games now, such as including ~20K incentives/upgrades, but the listing price in the CV area does increase a little. Those who have the access to the sales database can show us with more details.
I got a marketing postcard in the mail this week that highlighted the sale of a Carmel Valley home as follows: “Torrey Del Mar Sale! Sold for $840,000 in 18 days, at $25,000 more than the last sale”. First time I had seen something talking about prices going up in a long, long time. But there is it….one more data point. Perhaps it speaks to a post I think I read from SDRealtor about market conditions being very particular to the individual neighbourhood. I read the Carmel Valley News and there are many, many pages of ags from agents with multiple photos of houses with “In Escrow Jan 15, 2007”, “Sold 2/12/2007” notated on them etc. If the ads in that newspaper were all you based your evulation of the market on you might thing homes are selling like hotcakes. Again, it might be that Carmel Valley can hold its own…to some degree. And don’t get me wrong. I am a major housing bear.
I’d also be curious to see how the two homes compare to see if it really did sell for 25k more. EG: Are they the same size, same options, same yard/view etc. And I wonder if the incentives differed on the sales. Could be a big numbers game…
Carmel Valley is on fire right now. There are only 150 active listings and 77 listings in escrow. Foreclosure activity in CV is virtually non-existant except at the entry level.A month ago I indicated that it would not surprise me to see modest price increases in the areas I track closely based upon limited supply. I think CV might be one of those places where we see some modest price increases unless inventory increases fast and furiously soon.
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