Vista del Oro market update
The first quarter is just about over for 2014 and there have been a few changes compared to the same period of 2013. Let’s look at the single family market in VDO:
The first quarter of 2013 had 16 sales with an average sale price of $470,744 and average day on market of 75 days. Average size of houses that sold was 1768SF. $266/SF was the average.
4 or 25% of the sales were cash and there were 2 short sales and 1 REO. About half were purchased with FHA or VA loans.
2014 we’ve seen an increase in sales to 21 single family homes with an average sale price of $506,452 and days on market at 71. Average home size has shrunk to 1563SF. $324/SF was the average sale at an increase of 45%.
7 or a whopping 43% were cash sales and 3 were short sales.
So VDO is seeing a big increase in sale prices with more demand, a higher inventory and investors snapping up many of the lower priced properties with cash, blocking conventional buyers out of the lowest price market, making it tough for first time buyers.
Predictions for the remainder of 2014 for VDO: A continued increase in inventory, sales to be strong into summer with sales slowing down in June through October. Expect longer days on market, a slight reduction in cost/SF starting in June and then an uptick in late Oct.-mid Nov. and back down in December.
If you are thinking about selling your VDO single family home, please contact me so you are able to sell for the highest possible price.