Yesterday the WSJ included the report on last year’s success rate of sellers in seven selected counties (47% of those who listed their home, actually sold), but San Diego wasn’t included.

Let’s look at how North San Diego County Coastal detached homes have done recently.

New listings entered onto the MLS between July 1 and August 15

2008 – 682

2009 – 664

2010 – 768

Closed escrows between July 1 and August 15

2008 – 298 (avg. $450/sf)

2009 – 329 (avg. $378/sf)

2010 – 307 (avg. $372/sf)

Listings that expired, cancelled, or withdrew between July 1 and August 15

2008 – 349

2009 – 354

2010 – 425

For the most part, these are unrelated to each other, but exemplify the additional noise in 2010.  When you look at the Y-T-D numbers for Jan 1 to Aug 15, the picture looks better, which demonstrates how the market conditions have been slipping away lately:

Closed escrows between Jan 1 and August 15

2008 – 1,313 (at an average of $453/sf)

2009 – 1,227 (at an average of $390/sf)

2010 – 1,538 (at an average of $381/sf)

The Y-T-D sales appear to be up 25% year-over-year, in spite of a 7% dip over the last 45 days.  The market conditions are good enough that today’s homesellers have a great opportunity to drop their price significantly now, and find a buyer…..while most sellers are napping in the end-of-summer, Padres-are-in-first-place haze.

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Jim the Realtor
Jim is a long-time local realtor who comments daily here on his blog, bubbleinfo.com which began in September, 2005. Stick around!

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