The detached sales in North San Diego County Coastal have been holding up pretty well in 4Q10.
The 4Q09 sales were somewhat enhanced by the tax credit, yet the last two months aren’t too far behind. This quarter should only end up about 10% lower than the 4Q09 total of 642 sales.
In the peak 2005-2007 era, the pricing for most months was range-bound between $450 to $500/sf, so we’re about 20-25% lower now. It looks pretty steady too – we would need a surge of well-priced inventory to create frenzy, and push pricing higher:
I tacked on 10% to December, 2010’s total to adjust for tomorrow’s closings, and late-reporters. Currently there are 1,261 active listings whose list prices are averaging $619/sf, and have been on the market for an average of 131 days.