Poway Real Estate Market Data
For January 2014
POWAY REAL ESTATE MARKET UPDATE VIDEO TRANSCRIPT
**This transcript is auto generated by YouTube, pardon any errors, it’s just a poor machine.
Hi this is Michael Gaddis your Poway real estate expert. I prepared this market conditions report for the residents of Poway to get a better idea as to what exactly is going on in their area based upon numerical data. What I’ve done as I take in the Multiple Listing Service and polled all active contingent pending and sold listings which have occurred from December 1st 2013 to January 23rd 2014, this data should objectively tell us kind of what’s going on in the area and what I mean by objective is that it’s not related to the condition if anybody’s house ins specifically are what one house might have another house doesn’t. It’s more aligned with the fact that is pure numbers just what what’s selling how much is a song for what’s the square footage, how much is the price per square foot. So with that being said there are currently 92 active listings on the market in Poway the which rate which opened a pretty significant range the highest listing right now as a seven-bedroom 14 bathhouse with 16,000 207 square feet with a list price of $20 million five hundred thousand dollars. So that’s a pretty at a pretty big one there. The average square footage for a house is three thousand 888 square foot, but so the average active listing is 3,888 square for the average list price: for active listings and Poway is 1.7 million dollars, the list price per square foot is coming in at three hundred ninety four dollars, the average days on market thus far is 63 days. Just so you know the $20 million dollar listing has been on the market for 332 day, so thus far so almost a year. So at right now there are 14 contingent listings in Poway. Contingent listings for those of you who do not know are basically short sales. Their listings that require any the lender our court approval in order to perceive so they’re not quite in escrow so you can’t put him in pending status but they are they do have accepted offers so there’s a special category called contingent listings and that’s where they go. So and at the contingent listings the average how size are those in 2,986 square feet the average list price is 773 thousand dollars and the average list price per square foot is 260 three dollars and twenty three cents. And just for the record, in the active listings when I told with the average list price was at one point seven million that’s probably slightly skewed by the twenty million dollar listing that I notice. So if you took he threw out that it probably would to ask you the numbers a little bit downward, so just keep that in mind. So the average image in the average LUT this price per square foot for the contingent listings member the short sale listings is 263 dollars a square; whereas the average list price for the active listings is 394 dollars a square foot it’s always seems to be the case with contingent listings and short sales that the price per square foot will be lower. For two reasons, one it could be that a the houses are not and the same condition are in the same market conditions I guess as equity in traditional sales whereas you know homeowners but a little bit money and try to ensure that the house is in tip top shape. Short sales don’t tend to be like that. So they don’t tend to sell necessarily for the for the same price as what an equity sale what plus there could be some time constraints involved whereas in a realty agents are trying to acquire buyers pass in order to stop you know pending foreclosure activity so that also could affected the list price because the old lower the price to induce more people to come try to get you know trying to get the best offer from there. Currently there are 40 pending listings in Poway. The average house that spending is 2,646 dollars I’m sorry 2400 and are sick 2,646 square feet the average list prices 843 2,677 in the average list price per square foot the pending listings history in turn 27 dollars a square but so this price per square foot of 327 is lower than the this price per square foot in the active listings by about seven dollars a square but but it’s also significantly higher than the contingent listings. Now with all that being said the most important section this old at is the sole distance because that tells you exactly what’s going on in Poway right now so right now. They’re all sense December 1st 2013. There’ve been 56 alt listings I am the average square footage others love the listings is 2,326 quirky the average list price above the sold listings and I stressed list price because that doesn’t mean sold price I’m just gonna do a comparison and show you. The average list prices 770,000 597 dollars the average list price per square foot is 335 dollars a square foot. So now as I mentioned this is just the list price now what’s important is the next two sets of data which tells the average sold price in the ever so price per square foot. Those the pieces of data that we’re really been waiting for. So when it comes to sold listings the average sold price was seven hundred and twenty-two thousand 024 so basically 720 two thousand dollars the average sold price per square but was 321 dollars on so what that means is that the ratio between so pricing list price: came in about ninety five percent so it’s pretty close which is really good because in some other communities there’s a significant difference between the list price in the eventual sold price. So the average sold price per square foot 3 21 23 is a pretty good indicator above what the real price per square foot currently is in Poway. Now with that being said you know there could be some active in pending listings that will come up in the near future which could push that higher as we get you know at ways we leave the winter season go more into the summertime that’s obviously going to affect the values in the home, so right now it’s 320 on 17 I’m sorry 321 23 that’s kind of what be the average price per square foot is. So the other thing I like to tell people is kind of what the most expensive house that sold during the time period. I was looking in this case the most expensive house sold on December 31st 2013 a happy new year to they had to the Pride Day at the property was located at 144 40 Cypress Point in Poway in it was a five bedroom 6 bath home that is eight thousand two hundred and thirty square feet pretty big house and its old for two million 50,000 so out is a little bit interesting about this property: to list price on that house was 3.2 million and it sold for just a little bit over to so that’s a big disparity between the two oven I but other than that that is the largest sale that occurred during that time period. If you would like some additional information or have some questions for me please feel free to give me a call you can reach me at area code 760 692 5950 or you can visit me on my website at WWW. Michael Gaddis.com. Thank you so much and thank you for taking the time to interview this report.