Detached sales in the North SD County Coastal region were smoking hot last month.
The average cost-per-sf has been bouncing along in a 10% range, with a recent spike lately.
There were 280 detached sales in May, the highest monthly sales count since 2005 (in red).
Total sales in the first five months of 2012 have out-performed the last three years too, probably due to slightly lower pricing and rates:
| Year | # of sales, first 5 months | Avg. $/sf |
| 2009 | ||
| 2010 | ||
| 2011 | ||
| 2012 |
The 2012 sales were 62% higher than in 2009!
There doesn’t seem to be enough new inventory coming to market to think the trend will continue, but there are 671 houses marked pending or contingent – hopefully that will mean the sales momentum will last a few more months?
I’m a little surprised the average price per sf is still declining. Does this mean larger homes, which usually sell for less per square foot, are a greater percentage of the sales? Or are prices really continuing to decline?
The YOY showed a little dip, but on the graph the green pricing line has some upward momentum.
Mortgage rates happened to hit all-time lows this year, which made for a nice justifier, but we’ve been due for a turnaround.