A hearty THANK YOU goes out to Rob Dawg for minding the store this week. A spirited discussion throughout, with 185 comments left!
The most intriguing was the last post, where he noted – like Rich did – the divergence between average list and sold pricing on a $-per-sf basis.
A few commentors suggested that the upper-end market was the likely culprit. Here’s a check:
Carlsbad to La Jolla New Listings over $1,500,000 entered between April 1 – May 15:
|Year||# of listings||LP Avg. $/sf||% closed||SP Avg. $/sf|
Because only one of the 2009 listings has closed so far, I used the overall number closed, 42, between April 1 – May 15 of this year.
The ‘percentage closed’ helps show the struggle this market is having. At the peak about half of these listings were closing, but now there are 5-6 new listings coming on the market every day, and only about one closing per day.
The backlog of high-end listings doesn’t seem to phase the sellers/agents either.
Currently there are 883 ACTIVE listings over $1,500,000 between Carlsbad and La Jolla. The list prices on average are $887/sf, and average market time is 118 days.
But check this – in April there were 30 closings, the same one-a-day pace, but their list prices averaged $568/sf, and closed at an average of $510/sf. So the 12 properties that have closed in May that averaged $959/sf have skewed the chart’s 2009 number quite a bit higher.