Yesterday we saw that the San Diego Case-Shiller Index has been essentially flat since mortgage rates went up at the end of June, 2013.
Those higher rates may have tempered the frenzy around the coast too, as sales started dropping off in August. But the average pricing has kept rising, now up to $498/sf last month (a 19% increase since July’s $418/sf):
Which segment is driving the average-pricing up?
It’s the higher-end!
Below is the graph for the Under-$1,400,000 market, where pricing has been flat since August – and last month was a blip; the average for February is $385/sf currently:
It’s a rich man’s game – get good help!
There have been 93 NSDCC sales closed this year over $1,400,000!
They average $700/sf – with 11 over $1,000/sf.
This one skewed it a bit:
http://www.redfin.com/CA/Del-Mar/2614-Ocean-Front-92014/home/4403621
Once you take out the 11 highest rollers, the average is still $563/sf.
92011/S CBad-Aviara seems flat at $325 per Sq Ft Sold prices for the last 6 months. This is for real homes that people live in vs coastal showplaces and high end custom. I think it is still a good value compared to much of SO CA Coastal or NSDC Coastal. Dig around and there is some value like this one that was priced just right and went pending in a few days right out of the gate:
http://www.sdlookup.com/MLS-140008836-7079_Rockrose_Terrace_Carlsbad_CA_92011
Some over priced like this priced to sit from the start, comps say this one is sellable at mid 900’s:
http://www.sdlookup.com/MLS-140007728-1312_Corvidae_St_Carlsbad_CA_92011
I think the weather had a much larger impact (even in Calif,) than the talking heads say it did.
I mean you had half the country shuttered in place for about a month.
Don’t the real estate markets in cold-weather states shut down every winter though, regardless of temperature? Hard to imagine realtors working at 20 degrees, or -20 degrees.
Used to live in the Northeast before coming to LA. No, the RE markets do not shut down during the winter months, but most homes are sold between May-Aug. It can be challenging to look at a house whose yard is covered in snow, so sellers will usually have photos of the yard taken in spring and summer to show the landscaping. Job transfers or life changing events can happen any time of year. I know people that like to relocate during the Christmas break as it means the kids go right back into a new school and aren’t lonely in a new town during the long summer break.
Moving in the northeast isn’t fun most of the year … snow/cold in winter and heat/humidity in summer!
I was referring more to economic activity in general, not much gets done when no one is going anywhere and the electricity is out to boot.