Chugging Right Along October 2015 sales of single family homes in Valmonte kept pace with September and is contributing to 2015 going down as one of the best years in recent memory. In all 4 homes sold in October priced from $1.137m to 1.65m all in the eastern part of Valmonte “where the sun always shines.” Three of the houses were listed on the MLS and took anywhere from 7 to 126 days to sell; the fourth, on Via Valmonte sold off-market for $1.55m. The selling to asking price averaged 94% as all marketed homes required price reductions to sell. As for active listings, there are 10 homes listed for sale in Valmonte, priced from $1.338m for a smaller home on PV Drive North to an updated one story on Via Palomino priced at $2.295m. For the year, the average sales price through October 31st is a record $1.539m – up about 14% from 2014. On top of that, there have already been 49 sales through September 30th this year, compared to 34 homes sold in all of 2014. Historically speaking, on a price/foot basic, prices have rallied 28% from market lows set in 2012 ($509/foot); however, the average price/foot is off 11% from market highs set in 2005 ($729/foot) and 2006 ($728/foot).
What is the take-away from all of this? As the traditional summer selling season comes to an end, there are still plenty of opportunities to buy and sell a home in Valmonte. The lending market is still favorable to well qualified buyers with rates hovering in the 4% range. For those looking to buy, this may be your best chance. Home prices are expected to continue to rise moderately in 2016 and interest rates are likely to see a moderate increase as well. Inventory remains below the “balanced” level of 5 months supply with a current 2.3 months supply, indicating this is still a seller’s market. However, as homes continue to sit empty or with sellers eager to move, this may be the chance to negotiate a good price for your next home.
See you in the neighborhood . . . .