Top Q: How is the Real Estate Market in Rancho Bernardo?
After real estate values dropped 30% between mid 2005 and early 2009, buyers finally discovered that homes in Rancho Bernardo are a bargain and that prices are unlikely to go any lower. In the past two months, sales prices of Rancho Bernardo detached homes have increased. Homes in zip code 92128 that closed in July and August had an average sales price of $527,355 compared to an average of $496,160 between March and June. Also, homes that closed in the July and August were only on the market for an average of 43 days. Those that sold in the four previous months had an average market time of 55 days. There are currently only 91 detached homes on the market in 92128 but there were 92 closed escrows in just the past two months. Therefore, at the current absorption rate we have just a two-month inventory of homes on the market, which is remarkably low. Buyer demand and a limited inventory of homes have finally started to overcome the new rules for appraisals that were keeping home values a
