We haven’t closed out the month yet, so add 10% or so to the March, 2012 sales below.
The preliminary stats show that sales and pricing look fairly steady, in spite of sellers attempting to lure buyers up the price ladder!
These are March closings of detached homes from La Jolla to Carlsbad:
| Year | Sales | Avg $/sf | SP:LP | DOM |
| 2009 | $390/sf | 94% | 70 | |
| 2010 | $394/sf | 97% | 76 | |
| 2011 | $371/sf | 95% | 87 | |
| 2012 | $363/sf | 95% | 85 | Feb12 | $360/sf | 96% | 93 |
Buyers are ignoring homes listed more than 30 days ago, unless there is a big price adjustment. As the over-priced listings begin to stack up in April and May, it will become more apparent to sellers that hope was a ship that sank – lower your price now, and get moving! Buyers are standing by!
“Buyers are standing by!”
But wait!! There’s more!!! If you act now, we’ll throw in a granny flat for free!!
Still loving that 2009 bottom.
NSDCC in this context includes LJ, DM, CV, SB, Encinitas and CBad, correct? I haven’t been seeing much in the way of price reductions for homes already on the market. Hopefully they’ll heed your advice and things can get moving again.
+ Rancho Santa Fe and Cardiff
There are 1,099 active detached listings in NSDCC today, with list prices averaging $588/sf. (solds are $363/sf)
There are 5-10 price reductions per day. (six today so far)
There are hot spots though.
Great Meadow in Carmel Valley, for example:
This is the third sale on the street since August; this closed for $1,125,000 (the others were $1.24 and $1.25).
It has a small yard and a built-in spa:
http://www.redfin.com/CA/San-Diego/5120-Great-Meadow-Dr-92130/home/17205611
The sellers paid $1,099,000 at the peak, September, 2007.
There were two others who listed this week over $1M+ in the same neighborhood, and aren’t on the canyon!
More like ludicrous spots. Most of what I’m looking at in CV is well down from the peak. Granted, I’m not looking at anything above $1M. I see a lot more under $300-sqft than I can remember in many years. I hope the same thing that happened to Arcadia and San Marino doesn’t happen to CV. That would suck.
DOM going up and Avg $/sf going down. That’s the only thing that matters to a patient fence-sitter like myself. Even if it takes a few more years to trickle down farther, so be it.
I’m really hoping not a few more years.