2nd Annual Serramar Community Garage Sale

Serramar Garage Sale

 

2nd Annual Serramar Community Garage Sale
The entire Serramar community is invited to participate in this sale.
Starts: 09/27/2014 07:00 am
Ends: 09/27/2014
Duration: 5 hours:
La Mesa, CA
91941
US

The Serramar community garage sale is open to the general public and the entire community is encouraged to participate.

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Serramar Homes La Mesa Market Update

It has been amazing to see the changes to the real estate market in general and more particularly within Serramar since the beginning of 2014.
In the first quarter the combination of lack of available inventory, low interest rates and a general sense of confidence in the markets overall resulted in double-digit price increases for existing homes throughout the area.

Serramar

Homes in Serramar have finally turned a pivotal corner, both in market psychology as well as valuation. Since most of the homes were built and sold at the peak of the real estate bubble, there was no place to go but down. Values for Serramar homes bottomed out, some of them losing as much as half of their purchase price. During the last five-ish years we have seen a measured reduction in distressed sales which has supported a firming of prices and slow resurgence of home equity.

Serramar Homes for Sale

Here is the good news. As of today, there are 5 Active listings in Serramar – none of which are distressed sales. This is a great signal for the overall health of the market. I anticipate that moving forward we will continue to see equity sales and a steady firming of prices.

Market Trends

Below is a chart of the Median homes prices and inventory levels in La Mesa (91941). Since the beginning of the year we have a generally positive rise in Median home prices. The Most recent decline is due to additional inventory coming to market. See next chart below.

 

As you will notice, inventory was critically low in the first quarter, resulting in the spike in Median prices. The market is cyclical and in response to low inventory, seller’s bring homes to the market to capitalize on the increase in prices. In turn, price is tempered by the increase in choice.

What next?

If you are interested in a more in-depth conversation or want a deeper dive into what is going on in the marketplace, head on over and grab one of my detailed Market Reports or just call to set up a time to discuss.