These are the preliminary numbers of detached home sales, and cost-per-sf for May. While there are some signs of relative stability, all the hub-bub about the market improving hasn’t translated down to sales increasing yet – or cost-per-sf:
Town or Area | Zip Code | May 2008 | May 2009 | |
Cardiff | 92007 | 3 / $657 | 4 / $372 | |
Carlsbad NW | 92008 | 19/$347 | 13/$319 | |
Carlsbad SE | 92009 | 40/$295 | 33/$254 | |
Carlsbad NE | 92010 | 11/$252 | 12/$245 | |
Carlsbad SW | 92011 | 14/$326 | 16/$274 | |
Del Mar | 92014 | 8/$522 | 14/$998 | |
Encinitas | 92024 | 36/$403 | 22/$379 | |
La Jolla | 92037 | 22/$1045 | 15/$710 | |
Oceanside | all | 125/$231 | 130/$183 | |
Poway | 92064 | 30/$292 | 27/$251 | |
RSF | both | 19/$537 | 13/$427 | |
San Marcos N | 92069 | 37/$213 | 24/$169 | |
San Marcos S | 92078 | 31/$233 | 32/$200 | |
Solana Bch | 92075 | 10/$805 | 7/$565 | |
Vista | all | 61/$204 | 84/$171 | |
Sorrento | 92121 | 5/$292 | 3/$288 | |
West RB | 92127 | 43/$270 | 34/$261 | |
East RB | 92128 | 36/$283 | 43/$271 | |
Rancho Pen | 92129 | 38/$291 | 26/$267 | |
Carmel Vly | 92130 | 44/$355 | 29/$324 | |
Scripps Rch | 92131 | 28/$290 | 13/$278 | |
All SD | All Zip | 1,723/$283 | 1,724/$224 |
That’s a 21% decrease in cost-per-sf since last May.
Interesting to see Rancho Santa Fe $/sqft lower than La Jolla, Del Mar, and Solana Beach.
I’m as bearish as anyone, but 21% decrease in a year is no joke – that’s a significant stride toward reality . Still think there’s more downward pressure though. I wouldn’t be surprised to see another 21% decline.
I wonder what sales would have looked like without the price drops…
The 20% reduction psf jives with the CaseShiller numbers.