The foreclosure numbers aren’t growing yet – we’re all convinced that they’ll be dripped out for years to come, right? The push towards loan mods and short sales enables all participants to drag out the inevitable, and it’s probably not going to change.
In San Diego County, there has been an average of 1,053 properties per month get foreclosed over the last 13 months – with an average of 764 per month going back-to-bene, and an average of 289 per month being bought by third parties:
Over the same 13 months, there has been an average of 2,716 properties per month sell on the MLS, so there has been an appetite for more than just the bank-owneds.
In North SD County Coastal, the recent detached pendings are starting to wane slightly, though the battles for the high-quality buys continue – there were six written offers on the Glaucus listing in Leucadia over the weekend, with many more interested. Here are the recent weekly new pendings from La Jolla to Carlsbad:
|Week||New Pendings||LP Avg $/sf||# Already Closed||SP Avg $/sf|
While there isn’t obvious evidence that prices are on the rise, it looks like last year’s $380/sf average for detached homes sold in North SD County Coastal is holding up for now.
There have been 69 detached closings in NSDCC since February 1st; their average LP-per-sf was $417/sf, and the sold average was $391/sf.