Poway is seeing a slight increase in inventory with an approximate 5% rise since March 2013. There was also a slight increase in distressed properties such as foreclosure and short sales during the beginning of April. According to Trulia.com, the average price per square foot for a Poway, CA home was $264, representing a 10.5% increase over last year. The median sales price of a Poway home during the period January 13, 2013 to March 13, 2013 was $494,250 based upon 118 Poway home sales, representing a 27% increase compared to last year at the same time. Although, the number of home sales decreased by 22.4%. There are approximately 185 resale and new homes on the market as well as 87 homes in some stage of foreclosure or pre-foreclosure. The average list price was $1,342,263 during the week ending April 10, 2013, representing a 4.4% increase over the prior week. So all and all the Poway home market is regaining its strength.
Popular Poway zip codes and list prices for the week ending April 10, 2013 are as follows:
Zip codes: Average List Price
Why is Poway Real Estate is So Popular?
If you are wondering why there is such a high demand for Poway real estate, here are a few reasons: Poway offers a rural atmosphere. Green valley and Bridlewood offer ½ acre to 1-acre lots, and you will also find horse trails. Nature lovers and hikers will enjoy the hiking trails and picnic spots at the Lake Poway recreation area. Also, just to the east, you will find Mount Woodson, which offers fabulous views and really great rock climbing for the more adventurous. If you are looking for estate properties, Huntington Gate has 5,000+ sq ft. homes. You can also find smaller less expensive homes on city-sized lots, and the Poway United School District is consistently rated in the top tier.
The Poway real estate market is much stronger. Many buyers who lost their homes to foreclosure during 2008 -2010 are now able to return to the marketplace to buy again because their credit ratings have improved. Since rents are going up, buyers have realized it is cheaper for them to purchase a home at today’s lower interest rates and affordable home prices. If you fall within this group, and you are tired of throwing your money away renting, then now is the right time for you to buy Poway real estate. Buyers need to act quickly though because there is a lot of competition for well-priced Poway resale homes. Distressed homes are getting harder to find and you could find yourself in a multiple offer situation. If you are waiting for a large shadow inventory, that ship has sailed. Banks are putting their distressed properties on the market at higher prices or selling the inventory in bulk to investors.
Many sellers who were underwater the past five years are now able to sell their houses because home prices have moved up. If you are ready to sell, now is also good time because the Poway market is moving towards a seller’s market. Working with an experienced Poway real estate agent is recommended to assist you with your home buying or selling endeavors.
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