When it comes time to consider selling your La Mesa home, it’s important to understand the market. Better yet you need a knowledgeable real estate professional to help you decipher all the information out there. A top notch real estate agent not only knows where to get the best market data, they know how to make it all make sense. Today I want to share what is happening with the most conforming type of property out there, the 3 bedroom house. Some of the best things about La Mesa are the great schools, mature neighborhoods, and abundance of 3 bedroom houses! Let’s examine this market.
On this graph (which you click on for the data) you will notice a downward trend since June of this year in the number of home sales. In October there were only 21 sales of 3 bedroom homes in La mesa. That’s down from 29 in September. This is the first trend we will look at to determine value. When sales are down it can mean a couple of things. In this case it is mostly due to very low inventory levels, making this a sellers market. It’s always best to sell in a sellers market! To back that up we look at new listings, which are down from a peak of 39 in July to 32 in October. We also have to consider how many listings went under contract. That figure is also down from a peak of 36 in February to 21 in October. Folks, this is a great time to sell.
The next factor is what we call Absorption Rate, shown on the chart as MOINVActual. This shows us how long it would take to sell the existing inventory if nothing new came on the market. In a “normal” market there would typically be 4-6 months of existing inventory. Three bedroom homes in La Mesa currently stands at 1.3 months! There is no competition so it creates a situation where you can maximize the value by selling now. By the way, this number has pretty much bottomed out after last peaking in November of 2014 at 3 months supply.
We have saved the best for last. What are 3 bedroom homes in La Mesa actually selling for? Glad you asked. 3 Bedroom La Mesa houses are currently at the highest level they have been since since April…and steadily climbing! Other than a slight slump in May, prices have steadily climbed to $495,000. While I’ll stop short of saying this is the best time ever to sell your 3 bedroom La Mesa home, the data shows it is the highest average sales price we’ve seen since June 2006. Let that sink in.
If you have questions about anything related to La Mesa real estate, 3 bedroom or otherwise, please don’t hesitate to contact me.