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NSDCC 4Q12 Was Cooking

Posted By Jim the Realtor On January 4, 2013 @ 8:06 am In Interest Rates/Loan Limits,North County Coastal,Sales and Price Check | 1 Comment

With the sales over the first three quarters of 2012 being very active (+17% YOY), and a presidential election bearing down on us, it would have made sense to expect a quieter 4Q12. But instead, it was as hot as a pistol around NSDCC.

Here is how 4Q12 compared to 4Q11 in each area:

Town or Area 4Q11 Sales LP Avg $/sf 4Q12 Sales SP Avg $/sf
Cardiff
18
$403/sf
24
$473/sf
Carlsbad
216
$256/sf
317
$274/sf
Carmel Vly
101
$309/sf
110
$329/sf
Del Mar
27
$672/sf
46
$700/sf
Encinitas
86
$367/sf
125
$362/sf
La Jolla
70
$602/sf
101
$718/sf
RSF
40
$428/sf
58
$437/sf
Solana Bch
24
$444/sf
25
$488/sf
NSDCC
582
$367/sf
806
$399/sf

A strong improvement in most areas, and the 806 overall sales were the most in a fourth quarter since 2003!¬†There is substantial momentum coming into this year, but it won’t mean much if there aren’t enough sellers to satisfy what appears to be a fairly healthy demand.

Mortgage rates will be a factor, but as long as they are in the 3s, buyers will stay engaged Рsince rates dipped under 4%, the market has been in full-tilt-boogie mode.  Note the 3/4% increase between October, 2010 and February, 2011:

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