PQ Real Estate Report Looking Back: Why 2012 Was the

January 2013
Volume 1, Issue 1
PQ Real Estate Report
Looking Back: Why 2012 Was the
Turnaround Year for 92129
3, 2, 1… Happy New Year! My favorite part of the beginning of the new year is the optimism
that comes with it. Some people are going to the gym for the first time in months, some are
ditching their bad habits, and others are just eating healthier. But no matter what we are doing,
our motivation is the same: We want to be better this year than we were last year.
Matt Conser
And we can do it. We all have the power. A 2009 study from the University College London
says that on average it takes 66 days of doing something daily to turn the action into a habit. In
other words, if you can just keep your resolutions through the first week of March, you’ll have
all but guaranteed your success throughout the year. Knowing that, there’s no excuse for not
making this year better than the last.
Speaking of doing better than the year before, let’s give a round of applause to our local housing market! San Diego is second in the nation (following Phoenix) in real estate market recovery, and Rancho Peñasquitos is no exception! By any measure, 2012 was a marked improvement over 2011. Without further ado, let’s get to the numbers.
As you can see, average housing prices have been trending upward since October of 2011. Despite some seasonal bobbling up and down, the implication is clear: home values in our neighborhood are on their way up. In fact, if you compare 2011 against 2012 month by month,
you’ll see that the entire latter half of this past year was an obvious improvement over last. (See
chart on next page.)
Matt Conser
Not only are average prices going up, but the sheer volume of activity is increasing, as well. As
housing prices and interest rates began their inevitable climb upward, buyers who were previously waiting to see if there would be another crash began to scramble to take advantage of the
down market. Even with the tightest inventory in years, more Rancho Peñasquitos singlefamily homes were sold in nearly every month during 2012 than in the corresponding month
during 2011.
PQ Real Estate Report
Finally, let’s look at how long homes are sitting on the market, and which types of homes in
92129 are selling the fastest.
Homes listed under $200,000 sat for the longest, at an average of 109 days. That’s not surprising, when you consider that a home listed at that price likely does not have much invested in its
curb appeal or upkeep. Starter homes listed between
$300k and $400k also took longer to move, although
those listed between $200k and $300k were snatched
up more quickly. When you look at luxury homes
listed above $800k, the time spent on the market was
Wondering what your home is worth?
relatively high for them as well, because there is still
Curious about how long it would take to
less demand for them than other property types.
Where things get really interesting is in the $400$500k range; that’s where the days on market drop
dramatically, taking an average of just over 2 months
to sell. As the value increases, the DOM continue to
drop, all the way down to a scant 44 days for properties listed between $700k and $800k.
sell? Give me a call at (858) 248-3570 for
a free Market Analysis and find out.
There’s no reason not to know the value
of what may be your largest investment.
So let’s review: More homes are selling, they’re selling
for more, and they’re selling fast. And homes like
yours are selling the fastest.
Whether you’re ready to take advantage of that or not, it’s great news for Rancho Peñasquitos
homeowners. Happy 2013, indeed.
Recent Sales in 92129
9284 Calle De Vista Oeste, 4 bedrooms, 3 baths
Sold 12/27/12 for $650,000 after 89 days on market
7430 Arroyo Grande Road, 4 bedrooms, 2.5 baths
Sold 12/27/12 for $680,000 after 29 days on market
15560 Paseo Ajanta, 3 bedrooms, 2 baths
Matt Conser
Sold 12/28/12 for $435,000 after 7 days on market
13157 Deron Avenue, 4 bedrooms, 3 baths
Sold 12/28/12 for $475,000 after 25 days on market
9129 Oviedo Street, 5 bedrooms, 2.5 baths
Sold 12/28/12 for $620,000 after 33 days on market
13274 Deron Avenue, 5 bedrooms, 3 baths
501 1st Avenue
San Diego, CA 92101
Cell: (858) 248-3570
E-mail: [email protected]
CA DRE License 01899131
Sold 12/28/12 for $615,000 after 11 days on market
How Much Can You Get for Your House?
“How much can we get for our
house?” That’s often the first
question asked when putting a
house on the market.
Obviously, you want to get the
most money possible for your
house. But if you set your price
too high you’ll
scare off potential
buyers – and their
Call (858) 248-3570
agents! If you set
today for a free
your price too low,
you’ll be leaving
Market Analysis.
money on the table. People might
also reasonably
assume that there’s something
wrong with the property. “Why
the low price?”
Ideally, the selling price should
reflect the market value of your
house influenced by how
quickly you want to sell it.
Market value is simply the
price that potential buyers are
willing to pay for a house like
yours in your neighborhood.
To determine the market value
of your home, your agent
should conduct a comparative
market analysis. This analysis
should include sales of properties in your area that are similar
to yours – taking into account
the number of rooms, lot size,
square footage, special features
(such as pools), etc. – and provide a comparison.
For example, if your house has
two stories, four bedrooms, 2.5
baths, and a pool, the research
should include other houses in
your neighborhood with the
same features. If these houses
sold for an average of
$550,000, then it’s a good bet
that potential buyers would be
willing to pay that much for
your house.
An agent will try to find at least
three recent house sales in your
neighborhood. (The more recent the better, as home prices
can fluctuate.)
Don’t take it personally. Market value doesn’t take into account any emotional attachment you may have to particular feature of your house. You
may look at your backyard
garden with pride and remember the many hours of hard
work you spent planning,
planting and nurturing. But, no
matter how much more valuable you think the garden makes
your house, it is still only worth
whatever someone else is willing to pay for it.