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Condo / Townhomes

Found 5 blog entries about Condo / Townhomes.

This is the October 2012 article for the Carlsbad Business Journal.  -Tyson Lund

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Fewer homes for sale amidst falling mortgage rates has left North County San Diego’s real estate market in a temporary seller’s market.  A 'sellers market' is defined as a time period when buyer demand for housing exceeds available supply.  A sellers market gives those selling property an opportunity to secure a higher price, sell faster and/or negotiate superior terms than compared to recent comparable sales.   And although only a fraction of the strength of the extreme sellers market 2004-2005 and possibly only temporary, the current sellers market is being confirmed with several key metrics used daily by real estate practitioners..  

Experienced

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Carlsbad condominium and town home sales are robust in 2012.  Carlsbad saw an average 50 units sell a month in April versus an average of 25 in 4th quarter 2011.  The results of continued low mortgage rates and reduced inventory, Carlsbad condo's are securing 98% of asking price with the average 2 bedroom, 2 bath 1,400 sq.ft. condo selling for $324,000. Average time on market is around 51 days for traditional sale property, a time that has moved down from 55 days in previous months.  Average sale prices have remained relatively unchanged since 2011. Similar to single family homes, condos are become more scarce in 2012.  Month(s) of sellable inventory for condos in Carlsbad is 2.2 months. Search Carlsbad Condo and townhome properties for sale

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Carlsbad condominium and town home sold values remain unchanged through 2011 and early 2012.  Thanks in part to low mortgage rates and greater affordability, attached property has found a pricing equilibrium.  The average attached sale in Carlsbad between November 2011 and January 2012 remain relatively unchanged from a year prior at $326,000.  Home buyers found with record low mortgage rates (currently below 4% for 30 year fixed rate) the cost of owning a condo / townhome was often equal or better to paying current rents.  Average time on market is around 55 days for traditional sale property.  Short-sale’s are a large part of the attached market in Carlsbad making up 40% of the active inventory.  Short-sales, ever the oxymoron, are averaging

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With North San Diego county feeling the effects of seasonal slowing (i.e less homebuyers buying), many homeowners consider waiting for spring to sell their property.  Here is a generalized argument for selling now:

  • Less competition from those unwilling to sell during the holidays creates an advantage.   Less competition means better chance to sell.

  • Low sales in winter set the "comparative sales" used by appraisers and brokers to gauge value.  Low foreclosure/short-sale sales will make it difficult for today’s highly cautious appraisers, buyers and brokers to approve higher sale values within a 6 month period. In short, get ahead of the curve.

  • Current low interest rates are encouraging to buyers.  Rates can fluctuate and change.  Higher

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The Los Angeles Times

Mortgage rates hold steady, Freddie Mac survey says
The interest rate on a 30-year fixed mortgage held steady this week at a 60-year low while the 15-year fixed loan edged down to a new record low, mortgage finance company Freddie Mac said in its weekly rate snapshot.


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HousingWire

Five more years of housing problems, with some stability in local markets
The housing market remains shaky and is unlikely to deliver significant growth in prices over the next five years, according to a new survey of economists, real estate professionals and analysts.

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The Los Angeles Times

Sales of previously owned homes jump in August
The number of homes sold increased 7.7 percent in August compared with July and

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The Lund Team

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