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Jim Klinge
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701 Palomar Airport Road, Suite 300
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Posted by on Jan 10, 2018 in Jim's Take on the Market, North County Coastal, Sales and Price Check | 2 comments | Print Print

NSDCC December Sales

Hard to get too concerned about a 10% drop in sales YoY, when inventory was down more than that, and the rest of the stats held up nicely:

NSDCC December Sales

Year
Number of Sales
Avg. Cost Per SF
Median SP
Avg Days on Market
2013
211
$485/sf
$1,075,000
60
2014
250
$482/sf
$1,052,075
61
2015
258
$477/sf
$1,094,500
56
2016
240
$502/sf
$1,150,000
55
2017
217
$563/sf
$1,205,000
46

It looks similar to when the frenzy died down in 2013 – not due to lack of demand (as we’ve seen since), but because the cupboards were bare.

2 Comments

  1. 2017: 207 sales x $563/sf = 122,171
    2016: 240 sales x $502/sf = 120,480
    2015: 256 sales x $477/sf = 122,112

    Hmmm. Maybe nothing.




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  2. As of January, HUD raised their offerings to landlords by significant percentages. Enough that we’re thinking hard about what to do next, since there’s a line of qualified HUD folks backing up to the moon. Single renters making less than 50K fully qualify, and that’s a lot of folks. I think you can make more than that, but you get less of a stipend. The last time we had a new HUD renter, she was driving a brand new beemer–and a sports car–and that was quite a while ago. So you can still make some bucks and be fully on HUD, as I understand it.

    Anyway, if you have normal renters in a number of units who are paying $4-500 bucks less then what HUD is now offering monthly, and HUD can fill a new vacancy immediately with no fuss… what shall a landlord do? Normally, HUD is out of the question for us, but… wow.

    At the same time, we’re in a gentrification corridor. Our rents are going up fast anyway, just not as extreme as HUD solicitations. I figure we’re one irresponsibly discarded piece of avocado toast away from a stampede.




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