La Costa real estate is on a roll, with detached homes running an average of 10.18 weeks on the market. But that average doesn’t tell the full story.
As of today, there are 101 active listings for single family detached homes in the 92009 Zip code. The shortest time on market for any La Costa home was “0” days on market for an improbable short sale at 7365 Calle Conifera in La Costa Oaks with 3663 square feet which was priced at $775,000. At the other end of the spectrum, it could be “auction” homes hang around the longest on the market, perhaps because of auction complexitites, buyer uncertainty and that nagging 5% premium buyers must pay. As an example, 6674 Corte Eduardo in Meadowridge with 1889 square feet and a bargain price of $407,000 took 167 days to go pending as a home with Auction.com.
Other laggards on the La Costa real estate market are short sales, which are quickly declining in number as more homeowners find themselves above water with their mortgages. This follows a national trend, as shown by the chart above. The longer time on the market for short sales reflects the exaggerated time it takes most lenders to approve the sales.
La Costa Condos
The La Costa area condo market is one of the hottest in all Carlsbad. There are currently only 58 units for sale and they are averaging just 7.2 weeks on the market. Again, that figure misleads because most La Costa condos sold within two weeks. Stats were skewed, though, because of a couple of lengthy short sales and a few others that were on the market for over 100 days.
La Costa Real Estate Today?
So what are we seeing in the La Costa real estate market today? Anecdotally, we are seeing a little more housing inventory than six months ago–and a little longer market time. Rising interest rates have surely helped contribute to this and fears of even higher rates are spurring more sellers to put their homes on the market so they can move on to their next home. At the same time, well-maintained homes that are priced right are selling quickly. We recently sold a La Costa Valley listing above list price (and with multiple offers) almost immediately after reducing it to $1,149,000. It took 33 days. Six months ago, it would likely have sold within 14 days.
Overall, I believe we are in a healthy market and expect to see slow appreciation in the months ahead. If you would like to discuss the sale of your La Costa, Carlsbad, Encinitas or San Elijo Hills home, just give Scott or Roberta Murphy a call at either 877-818-8197 or 760-613-6190. Or, email roberta@sandiegopreviews.com