Monday, January 12th, 2009 at 12:36 PM
Ingredients for Squishdown…
Comparing the number of active and pending listings gives a good read on the relative health of the market. When the ratio is around 2:1, the market is relatively good.
Here’s how things have changed since January, 2008:
Actives/Pendings Ratio of Detached Homes
| Town or Area | Zip Code | 1/08 | 1/09 |
| Oceanside | all | 7.23 | 2.09 |
| Vista | all | 7.84 | 2.28 |
| San Mrcs S | 92078 | 4.81 | 2.41 |
| West RB | 92127 | 5.50 | 3.69 |
| Scripps Rch | 92131 | 3.52 | 3.86 |
| Poway | 92064 | 4.56 | 4.31 |
| Encinitas | 92024 | 4.81 | 4.375 |
| Carlsbad | all | 6.36 | 4.39 |
| Carmel Vly | 92130 | 4.16 | 4.88 |
| DT condos | 92101 | 8.92 | 5.52 |
| Cardiff | 92007 | 4.81 | 7.20 |
| La Jolla | 92037 | 8.32 | 8.58 |
| Solana Bch | 92075 | 6.29 | 14.00 |
| RSF | 67&91 | 11.67 | 18.86 |
| Del Mar | 92014 | 9.63 | 21.50 |
The higher-end areas sure are sticky on price – how much longer can they hold out?
Posted on Monday, January 12th, 2009 at 12:36 PM in Actives/Pendings | 7 Comments » | 
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.
Aren’t the bulk of O’side sales the low-priced REO’s? I don’t think this really does much good to the nearby owners still dreaming of 2005 prices. My sister is still in denial thinking her 3Ksft McMansion will once again magically appreciate into the $Millions and pay for their retirement and college funds, this is always about 6 months from starting. LMAO
FB | January 12th, 2009 at 12:43 pmDowntown condos are poised for a 10 to 20% hit the next couple months. My cousin told me there are 100 resale 2BR/2BA condos on the market between 500K and 850K yet only 1 is in escrow. That is a major, major disconnect between buyers and sellers.
I can just see all the sellers in a room talking. Mine is nicer than yours so my price is higher but mine isnt as nice as his so my price is lower. See we all have our prices right in a nice little line. Uhhhh??? What do you mean nobody has sold one in a month?
Damian | January 12th, 2009 at 2:55 pmDamian,
Although you are correct. What’s really happening is that banks aren’t being forced to liquidate non performing assets (ie condos in downtown SD) because the Fed and the Gov are giving them money to stay in business. Also local gov is throwing up roadblocks to make the foreclosure process more drawn out. They think if they can bury their heads far enough in the sand all the problems will go away.
It’s all just going to take time. As Warren Buffet once said “You can’t tell who’s swimming naked until the tide goes out.”
shadash | January 12th, 2009 at 3:04 pmI agree and the tide is about to go out in downtown.
Damian | January 12th, 2009 at 6:05 pmDel Mar is completely out of hand. These sellers think they’re on beachfront property in Malibu, or giant estates in Beverly Hills.
How bad do you wish you could post comments on Redfin? “You bought this for $400k in 2004 and now you want $3.5 mil?! Hahahahaha! Good luck, MORON!” I would seriously write that. Honestly, this is what many sellers need to hear.
The Blur | January 12th, 2009 at 6:37 pmHere’s a sticky Del Mar example…
1023 AMERICA WAY, Del Mar, CA 92014
Seller will entertain offers between$600-650,000
Price Reduced: 09/05/08 — $725,000 to $675,000
Price Reduced: 09/23/08 — $675,000 to $650,000
Price Reduced: 12/18/08 — $650,000 to $600,000
—-
Tyrone | January 12th, 2009 at 8:44 pmBuyer will offer/pay what it’s truly worth: $350-400K. We’re going back to ’98. Just my opinion.
The America Way condo was bought in ’02 for $505, and they are trying to sell it for $95k more 7 years later. They aren’t trying to make money. They just want out.
It’s a condo, overlooking the 5, with a view of power lines and a pink kitchen, plus a $500/month HOA…I wouldn’t say that’s prime property by any stretch.
Some houses will deservedly go back to 2001 pricing, but not all.
I love the Buffet comment.
BAM | January 13th, 2009 at 1:03 pm