The local market is setting up for an extended period of quiet.
Buyers continue to use big cash deposits and are financing the rest at such low rates that their resulting payments should be very manageable. They must be in for the long haul.
Down payments of detached homes purchased in the last 30 days around the south side of NSDCC (La Jolla, Del Mar, Solana Beach, RSF, and Carmel Valley):
|Down Pmts Used||FHA||10%||15%||20%||25%-49%||50%-99%||All-Cash||Total|
There were 77% of the buyers who used at least 25% down payments in the last month.
The statistics on the 103 that closed:
Average SP = $1,435,771
Median SP = $1,200,000
Average square footage was 3,290sf
Average cost-per-sf was $472/sf (figured by MLS)
Average days on market: 106
Average SP/LP: 95%
There were 12 trust/estate sales, 4 short sales, 7 REO sales, and 23 sellers who sold for less than they paid (or 70 that sold for more than they paid).