State of the Economy in Whispering Palms

Undoubtedly 2008 resulted in most of us just watching our values in our homes decline as well as our stock portfolios. I would like to go over how it affected us in Whispering Palms.

Single family homes:
In 2007 6 detached homes were sold in Whispering Palms. The average asking price per square foot was $476 bringing the average asking price $1,213,000. The average SOLD price per square foot was $423 bringing the average sold price to $1,120,000 leaving an average of 8.3% difference in asking price and sold price

In 2008 7 homes were sold in Whispering Palms. The average asking price per square foot was $405 asking sales price $1,109,000. The average sold price per square foot was $373 and average sold price was $1,017,000. This left us with an average of 9% between asking price and sold price.

Similar to 2007, in 2008 we had a 13% difference in asking price and sold price.

· Between 2007 and 2008 Whispering Palms only had an average of a 10% drop in price of sold homes!
According to the Union Tribune front page article dated January 17th the average sold price in San Diego County dropped 24%!

A few of the reasons I feel our home prices fared better than the rest of San Diego County is below:

· With new home building almost at a standstill resale housing has become and will continue to become in demand.
· Most new developments that surround us also come with Mello Roos tax, which we are very fortunate not to have.
· Our school district that is available to the Children of Whispering Palms residents continues to be one of the best in San Diego.
· The new facility at Morgan Run is attracting new families to live here and enjoy the benefits of the “family areas” of Morgan Run.
·The buyers that our local agents are representing here in Whispering Palms are choosing this area for these reasons as well as our sense of community here.

We also had a few very large sales, one on Via Valle Verde for $1,700,000, one on Via Dicha for $1,369,000 and Avenida Calma for $1,200,000.

Townhome and Condo sales in Whispering Palms did not fare as well. As each development is unique and in my opinion cannot be compared with other developments I have not included this information (the information would take up the whole newsletter).

I have a new tool on my website called Market Snapshot. You can put in your address and the following questions can instantaneously be answered:

·What is the supply of unsold homes in our neighborhood?
·How fast are homes selling right now?
·How do actual selling prices compare to listing prices in your selected area.

What is unique about Market Snapshot is that it shows you graphs and charts in “real time” for the specific area that you might be interested in. I invite you to log on, explore and enjoy following the local real estate market at no cost to you!

After watching the market for the last few years here in Morgan Run I urge to you consider the following points:

Hire a local realtor who knows this area and the current market prices. It does not benefit a seller to incorrectly price a home, thus missing buyers in the market and prolonging days on market. There are very good realtors in Morgan Run that know this area inside and out. This also benefits the seller because local Whispering Palms agents are also representing buyers who are looking to buy here. Most of us agents talk regularly and share information on what we are looking for, for our clients.

No matter who you choose, always select a realtor to represent you for your real-estate needs!

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