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.
YTD sales includes a lot of 8k credit sales. I wonder if that skewed sales to earlier in the summer than they normally would be.
The ppsf drop is more interesting. Proof that if you want to sell, you need to get the price right.