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Saturday, January 10th, 2009 at 7:56 AM

December Stats

Oceanside sales have been red hot lately. Of the 12 REO sales we’ve closed since September 1st, EIGHT of them have sold above list price. As you’ll see below in the Oceanside stats comparing December 2008 to December 2006, their sales increased 52%, while pricing dropped 33%.

Oceanside is finding some equilibrium, because their pricing has gone down enough that sales have increased substantially. Other areas that have been stickier on price continue to see their number of sales drop.

To try to gauge the differences, I came up with the Jim Formula.

I doubled the difference in sales, and added it to the difference in pricing. For example, there were 51 more sales in Oceanside, so I doubled it to 102, and then subtracted the difference in pricing, 97, to get +5.

It probably doesn’t mean anything, it’s early this morning and the coffee is running hot. But follow how the other areas measure up, using the same formula:

December Sales of Detached Homes

Town or Area Zip Code 06 sales /$-sf 08 sales/$-sf JimForm
Oceanside all 98/$291 149/$194 +5
NW Carlsbad 92008 7/$334 9/$308 -22
Vista all 52/$290 84/$181 -45
NE Carlsbad 92010 13/$283 3/$247 -56
West RB 92127 35/$330 35/$269 -61
La Jolla 92037 19/$708 14/$657 -61
Poway 92064 30/$339 28/$275 -68
Carmel Vly 92130 41/$374 20/$346 -69
San Mrcs N 92069 28/$298 46/$186 -76
Carlsbad SW 92011 27/$347 15/$287 -84
Carlsbad SE 92009 41/$312 24/$261 -85
RP 92129 38/$315 19/$264 -89
San Mrcs S 92078 40/$264 27/$200 -90
Encinitas 92024 43/$437 15/$364 -129
Solana Bch 92075 10/$765 7/$533 -238
RSF 92067 16/$732 9/$459 -287
Cardiff 92007 7/$748 2/$288 -470
Del Mar 92014 11/$1109 3/$558 -567

Obviously those with smaller samples are skewed, but you get the idea. If your area of interest is in the top half of this list, you’ve seen prices come down enough that 2008 sales are closer to 2006 sales, when the funny money was readily available (Carmel Valley being the exception, as usual).

Posted on Saturday, January 10th, 2009 at 7:56 AM in Monthly Sales, Monthly Sales Count | 2 Comments » | Print Print You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Reader Comments: 2 Responses

  1. Aren’t there 3 reasons why something can sell above list price?

    1- REO priced below market to generate multiple offers and a quick sale. So basically what did the BPO come in at relative to list price.
    2- Closing costs rolled into the loan so SP is close but above OLP
    3- Solid demand

    Ling | January 10th, 2009 at 11:00 am

  2. Pretty please 92121.. Sorrento Mesa (Pacific Ridge). Wish sugar on top? :)

    Stephen Waits | January 10th, 2009 at 5:21 pm

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