Welcome back from the long holiday weekend everybody – hope it was great!
I took off the last five days to help my mother with moving, so I’m just getting back in the swing. After checking the November sales yesterday (repeated below), the pendings for this month were expected to be gloomy. But as you’ll see, the ultra-low mortgage rates are helping motivate buyers and sellers to get together:
| Month/Year | # of Pendings |
| Nov. 2008 | 2,355 |
| Nov. 2009 | 2,420 |
| Nov. 2010 | 2,233 (so far) |
Yes, we’ll see how many close, but let’s also tack on at least 10% more sales to the 2010 number below to account for the late reporters – here are the closed counts, as of today:
| Month/Year | # of Solds | Avg. $/sf |
| Nov. 2008 | ||
| Nov. 2009 | ||
| Nov. 2010 |
The vacant properties are a curiousity, here is how today’s active listings compare with previous:
| Month/Year | # of Vacants/Total Active Listings | Percentage |
| Oct. 2008 | ||
| Feb. 2009 | ||
| Nov. 2010 |
Even the sellers of vacant properties are reluctant to sharpen their price. The avg. days-on-market is 88 days, and only 25% of the listings are REOs!
OT ~ Jim, guess what? It looks like I’m involved in some kind of MERS mistake. On the way up to Potato Land, my mortgage lady called me and said my ss# came up with a 2005 foreclosure ($217,200) and an equity line of credit of $54,300 of a lady who lives in S. CA. It hasn’t hit my credit report (thankfully) yet, and the underwriter for my loan was able to verify my ss# and state on the underwriting paperwork that it was a mistake. So happily, I have my 4% 30-year fixed mortgage.
Wish me luck that I’m not on the phone for hours unraveling this adventure in real estate land. Now back to the best real estate blog on the planet…
Interesting to see the $/sqft up so much.
Is this due to the mix shifting to smaller homes from McMansions? Do you have the stats for average sqft each month?
Actually, could you break it up by price? 100k increments, please.
“Is this due to the mix shifting to smaller homes from McMansions? Do you have the stats for average sqft each month?”
I drew the conclusion from looking at some 92126 (my benchmark for the average middle class neighborhood) that the average price/sqft is likely due to the mix of homes sold. In 92126 the market price per/sqft went down from $250/sqft in nov 2009 to $225 in nov 2010 although it might move towards $230 once all the data is in. Number of homes sold in that market is close to the same as last year. Of course 92126 would likely be more heavily effected by the tax credit then North County Coastal.
From that I concluded that it’s likely CV and other north county coastal properties made up a larger percentage of sales than last year but that might be a easier number to get a hold of then my anecdotal evidence.
Jim probably has number of NCC sales and total San Diego market sales so it might be easy to come up with Nov 2009 NCC made up 15% of sales for example but in 2010 it made up 25% of the sales which boasts the average price/sf.