The first half of 2010 is wrapping up in two weeks, how have we been doing?
Here are detached stats for North SD County Coastal region (Carlsbad to Carmel Valley):
2009 (Jan 1 to June 15) vs. 2010 Y-T-D
| Year | #Sales | Average SP | Avg. $/sf | SP:LP | DOM |
| 2009 | 706 | $1,062,990 | $362/sf | 95% | 70 |
| 2010 | 949 | $1,051,129 | $357/sf | 96% | 69 |
Even though sales increased 34% year-over-year, the other stats are in a virtual flatline.
How have this year’s sales been financed?
Types of Financing Used
| Type | #Sales |
| Conv | 658 (69%) |
| Cash | 194 (20%) |
| FHA | 79 |
| VA | 8 |
| Other | 10 |
The cash purchases in June have amounted to 23% of the total sales so far (17/74).
How do the sales break down according to days on market?
| DOM | #Sales | Average SP | Avg. $/sf | SP:LP |
| 0-14 | 222 | $862,254 | $344/sf | 99% |
| 15-30 | 149 | $889,679 | $347/sf | 96% |
| 31-60 | 186 | $975,932 | $335/sf | 96% |
| 61-90 | 110 | $1,187,303 | $362/sf | 95% |
| 91+ | 243 | $1,324,436 | $390/sf | 95% |
The sellers of more-expensive homes are a little more stubborn about getting their price.
Who’s living in these homes?
| Occupant | Percentage |
| Owner | 58% |
| Vacant | 36% |
| Tenant | 6% |
Glad to hear that not many sellers are torturing their tenants.
How many are marked as bank-related sales?
| Type | Percentage |
| REO | 10% |
| SS | 8% |
| Non | 82% |
Incredible that only 18% of the sales are bank-related, but there are probably many more that are actually distressed. Will the positive headlines about housing propel the market through the remainder of 2010?
What’s the status on the state cheese? Once that is over, and you give inventory a few months to rebound again, I think you’ll start seeing some price breaks.
-Erica
This is their 57% calculation, so the state has received applications for more than the $100 million:
05/04/10 430 $ 2,351,000
05/11/10 2,470 $ 13,283,000
05/18/10 4,830 $ 25,473,000
05/25/10 7,330 $ 38,357,000
06/01/10 9,760 $ 50,948,000
06/08/10 12,740 $ 65,787,000
They are figuring that there will be a lot of invalid apps, and/or people qualifying for less than the full $10,000 (the max is the lesser of 5% of purtchase price, or $10,000).
Even though sales increased 34% year-over-year, the other stats are in a virtual flatline.
How many less sales can the market handle before prices start to drop on a significant basis (>10% drop)?
also, that CA tax credit is taking WAY longer than I expected – even with the 57% calc.