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Hot November Sales

The sales and pricing resurgence is finally being reflected in the stats.

Here are the preliminary NSDCC detached-home numbers for November:

Year # of Sales Avg. $/sf
2009
193
$415/sf
2010
183
$394/sf
2011
176
$373/sf
2012
221
$414/sf

The 11% year-over-year increase in the average cost-per-sf is impressive, but the 26% pop in sales is just as spectacular, given the low inventory. Late-reporters will tack on at least another 5% to the sales count too.

The buyers are coming in strong, adding to the solid foundation being built – this time with fixed-rate mortgages, not neg-am adjustables:

Conventional loans: 64%

Cash: 27%

FHA/VA: 6%

Other: 3%

Here is another perspective, from Kris Berg:

http://www.sandiegocastles.com/sandiegohomeblog/partying-like-its-2003-multiple-offers-aargh/ [1]

Also check the list-price trends in the graphs in the right-hand columnĀ  >>>>>>>