COMMUNITY INFORMATION
Carmel Valley is a master-planned community located in northern San Diego County within the state of California. The community of Carmel Valley within San Diego is not to be confused with the Carmel Valley region in Northern California.
Carmel Valley lies within the 92130 Zip Code. There are approximately 34,471 residents in this Zip code and 12,387 households. The median age of the population is 35.16 years.
TEMPERATURE
The temperature in Carmel Valley is relatively moderate. The warmest time of year occurs in August during which temperatures reach an average high of 72°F. The coldest time of year occurs in December with average temperatures falling to 56° F.
HOME AND REAL ESTATE PRICES
The housing options in Carmel Valley include single-family homes and properties, condominiums, townhouses, and apartments. The price of housing is as follows:
·One bedroom townhouse / condo starts in the high $200,000s
·Two bedroom townhouse / condo starts in the high $300,000s.
·Three bedroom townhouse / condo starts in the low $500,000s
·Three bedroom single-family house starts in high $500,000s
·Four bedroom single-family home starts in low $700,000s
REAL ESTATE MARKET TRENDS
As with most products and services in the United States, price shifts in the real estate industry are subject to the forces of supply and demand. Whether it’s a buyers market or a seller’s market, it is useful to evaluate home sales data for the most recent month available (June 2006), compared against the same period in the previous year (June 2005).
The median price of single-family homes reached $1,080,000 in June 2006, which was a 13.74% increase over June 2005. In contrast, the median price of condominiums and townhomes decreased to $580,000, which was a 7.2 decline from the year before.
Homebuyers and home sellers should keep in mind that the data above is simply a snapshot in time. Therefore, the data must be evaluated over a longer duration to understand enduring market trends.
SCHOOL INFORMATION
There are two School Districts that serve residents of Carmel Valley. The Solana Beach School District covers the elementary schools in the northern part of Carmel Valley, and the Del Mar Union School District covers the southern region.
Students in Carmel Valley schools undergo annual testing to evaluate their academic performance. The results of these tests are combined by the California Department of Education into a composite score known as the Academic Performance Index (API), which has a range of 200 to 1000. The statewide goal for schools is to achieve a score of 800 or above.
Based on the most recent data available as of July 31, 2006, the highest-ranking elementary school in the Carmel Valley area was Sage Canyon Elementary (API = 963), followed by Torrey Hills School (API=950), Carmel Creek Elementary
(API=946), Solana Pacific Elementary (API=945), Ashley Falls Elementary (API=943), and Carmel Del Mar Elementary (API=917). Carmel Valley Middle School earned an API of 931. For high schools, Canyon Crest Academy had an API=842, and Torrey Pine High had an API =821.
COMMUNITY INFORMATION
Chula Vista is situated in the southern region of San Diego County within the state of California. There are approximately 194,939 residents in this community and 62,394 households. The median age of residents is 32.89 years.
TEMPERATURE
The temperature in Chula Vista is relatively moderate. The warmest time of year occurs in August during which temperatures reach an average high of 72°F. The coldest time of year occurs in December with average temperatures falling to 57°F.
HOME AND REAL ESTATE PRICES
The housing options in Chula Vista include single-family homes and properties, condominiums, townhouses, and apartments. The price of housing is as follows:
·One bedroom townhouse/condominium start in the high $100,000s.
·Two bedroom townhouse/condominium start in the high $200,000s.
·Three bedroom townhouse/condominium start in the mid $300,000s.
·Two bedroom single-family homes start in the high $300,000s.
·Three bedroom single-family homes start in the low $400,000s.
·Four bedroom single-family homes start in the high$400,000s.
REAL ESTATE MARKET TRENDS
As with most products and services in the United States, price shifts in the real estate industry are subject to the forces of supply and demand. Whether it’s a buyers market or a seller’s market, it is useful to evaluate home sales data for the most recent month available (June 2006), compared against the same period in the previous year (June 2005).
The median price of single-family homes dropped from $610,000 in June 2005 to $595,000 in June 2006, which represents a 2.5% decline. Fewer more homes sold in June 2006 (127 homes) than in June 2005 (171 homes). The average time to sell a home increased from 47 days in June 2005 to 66 days in June 2006.
The median price of condominiums and townhomes decreased slightly from $382,250 in June 2005 to $382,000 in June 2006, which represents a .1% decline. Fewer units sold in June 2006 (46 units) than in June 2005 (80 units). The average time to sell a unit increased from 52 days in June 2005 to 85 days in June 2006.
Homebuyers and home sellers should keep in mind that the data above is simply a snapshot in time. Therefore, the data must be evaluated over a longer duration to understand enduring market trends.
Modest median price gains in new and existing homes, a stable interest rate on the 30-year fixed mortgage, decreased housing starts and a stable unemployment rate are some of the features of the 2007 housing forecast provided by major trade group economists as reported by The Inman News.
NAR chief economist David Lereah expects new-home sales to fall from 1.07 million units sold in 2006 to 975,000 units in 2007, which is an 8.7% decline. He cites decreased new home construction as a large contributing factor to this change. The median new home price of $238,400 in 2006 is expected to increase by 1.3 percent to $241,400 in 2007.
NAR also predicts that existing home sales figures for 2006 to end around 6.47 million units, which is an 8.6% decline from 2005. The 2007 forecast for existing home sales is 6.43 million units. The median price of existing homes in 2006 was $223,700 and is expected to increase 1.7% to $227,500 in 2007.
Doug Duncan, chief economist for the Mortgage Bankers Association predicts the interest rates on 30-year fixed mortgages to stay around 6.5 percent, but mortgage originations to fall 14% to $2.1 trillion.
While Lereah predicts that the unemployment rate to stay at 4.7 percent, Duncan takes it higher and believes it may reach 5.2 percent by midyear 2007. However, he concurs with Lereah in predicting modest home price gains in new and existing homes for the coming year.
The housing forecast of The National Association of Home Builders (NAHB) is in line with NAR and the Mortgage Bankers Association. According to David Seiders, Chief Economist at NAHB, the year 2007 will see the housing market re-adjust itself once the housing demand stabilizes, leading to a healthy balance between supply and demand.
Looking at the state level, the California Association of Realtors (CAR) projects that the median price of California homes will end 2006 around $560,700, and will decline in 2007 to $550,000 — a 1.7% drop. The number of units sold in California will end 2006 around 481,200, and is projected to decrease 447,500 in 2007. CAR predicts that the unemployment rate will stay around 5.1 percent, although interest rates on the 30-year fixed mortgage may hover around 6.7 percent in 2007.
The overall housing forecast for 2007 made by these four major real estate trade groups is not at all bad. Home buyers and investors planning to go ahead with their real estate activities can fare better with the help of a good real estate agent.
Tags: 2007, Estate, Experts, Forecast, Market, Real, Trends, U.S.
Top Stories