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Posted by on Jan 23, 2013 in North County Coastal, Sales and Price Check | 4 comments | Print Print

Sold Pricing vs. The Peak

Yesterday we saw that the January average list-price-per-sf in NSDCC was the same as the peak in 2006.

How does the pricing of closed sales compare between 2006-2007 and now?

Let’s use a larger sample size to smooth out the highs and lows.  Here is the average cost-per-sf for the October 15th-to- January 15th periods:

Town or Area 2007 Avg $/sf 2013 Avg $/sf Price chg since peak
La Jolla
$703/sf
$716/sf
+2%
Carmel Vly
$370/sf
$334/sf
-10%
Carlsbad
$327/sf
$275/sf
-16%
Encinitas
$462/sf
$372/sf
-19%
Del Mar/SB
$856/sf
$626/sf
-27%
Cardiff
$675/sf
$485/sf
-28%
RSF
$653/sf
$430/sf
-32%
Totals
$464/sf
$398/sf
-14%

La Jolla is leading the way, with a higher cost-per-sf today than in the 2006-2007 era! The rest have a ways to go, but the NSDCC sellers are out on front with their average list price at $551/sf!

There were 33% more sales this year than in 2006-2007, which is shocking when you compare the difference in mortgage qualifying. But the start rate on your neg-am loan then, is your 30-year fixed rate now!

Sales during the October 15th-to-January 15th period:

Town or Area 2007 Sales 2013 Sales %chg since peak
RSF
41
66
+61%
La Jolla
64
92
+44%
Del Mar/SB
46
66
+44%
Cardiff
16
23
+44%
Carlsbad
223
318
+43%
Carmel Vly
97
112
+15%
Encinitas
106
114
+8%
Totals
679
906
+33%

There isn’t any shortage of demand in RSF, it’s just a price thing.

4 Comments

  1. how soon they forget? I guess its true that the most desirable areas hold up the best in the downturn of a cycle?

  2. Very interesting and useful data, thanks Jim.

  3. Relatively new to North County (2 years) what’s the story here. 2 years ago, homes were sitting at 600-650 range. Now, you can’t find a home for under 900k in Encinitas without a feeding frenzy. Bubble?

  4. @Matt Carter

    “Now, you can’t find a home for under 900k in Encinitas without a feeding frenzy. Bubble?”

    Matt, you have to be careful on this site when it comes to playing with explosives.

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