Mira Mesa Market Update for June 2014 and year-to-date review of Real Estate activity in Mira Mesa CA (92126).
Mira Mesa Homes For Sale – June 2014 Real Estate Market Update
The May 2014 results for the Mira Mesa Real Estate market recorded a 7.4% increase in median price over last year’s results. The median price for May 2014 was $419,000 vs. $390,100 for the same period in 2013. The number of closed sales decreased by 6.6% to 57 units, in 2013 the number of homes sold was 61.
As we move into June the real estate market in Mira Mesa , continues to be constrained by low inventory levels. The current results indicate we are still in a very strong seller’s market. The inventory of homes remained the same at 99 units in May 2014 over the 2013 levels. The DOM decreased to 30 days from 46 in May 2013. With a constant number in available inventory combined with a shorter DOM, our Supply of inventory decreased to 1.7 months compared to 1.8 months in 2013. This is a positive trend, if you are thinking of selling, as homes are staying on the market for a shorter period, however because the inventory is still low many buyers are still having difficult time locating suitable housing.
2014 Year to Date results also showed a significant improvement over the 2013 results in all the important statistics. The number of units sold increased by 40 units which represents a 15.5% year-over-year improvement for 2014 as compared to 2013. The median sales price increased by 12.1% (419,000 vs. 373,500).
One to most important metrics to also consider is the average Days on Market (DOM). The DOM for 2014 was 33 days, the DOM for 2013 was at 53 days. The data indicates that a property sold 37.7% faster in 2014 than 2013.
In conclusion, the Mira Mesa Real Estate Market continues to favor the sell side of the transaction. If you are in the market for a new property, it is imperative to monitor the market for properties that meet your requirements. Understand market dynamics and understand that list price may not accurately indicate final sales price as property valuations are being set by forward demand needs as opposed to recent comparable sales activity. Mira Mesa Market Update.
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* Market data compiled from Sandicor – Data as of 6.5.14