Let’s split the SD north County Coastal area in two regions, north and south. The south region is our high-enders – La Jolla, Del Mar, Rancho Santa Fe, Solana Beach, and Carmel Valley, and it’s where the real action has been – both sales and pricing in 4Q12 increased sharply compared to the last two years, and bear some resemblance to the peak era:
Detached-home 4Q Sales in NSDCC, South Region
|4Q Year||# of Sales||Avg $/sf|
You could say that we’re just getting back to 2009 pricing (which was identical) and shrug it off to ‘bouncing along the bottom’. But the number of sales looked more like those in 2004!
The south region has 447 active detached listings, whose list prices are averaging $830/sf – leaving room for prices to possibly go higher?
It could happen – somebody ratted me out to the listing agent of the $900,000 Carmel Valley house that was featured in the video here over the weekend (since deleted), which looked 5% to 10% too high on price:
He mentioned, “We already had an offer on this property before we even hit the market that was very close to the sellers desired price”.
It’s been hot in Orange County too – hat tip to daytrip for sending in this report from the OCR – LINK: