Rest of the Year, Part 2

by | Jul 25, 2013 | North County Coastal, Sales and Price Check | 3 comments

You can see why the frenzy took off last summer – it was the perfect combination of low inventory, prices, and rates:

Year
New Listings May 1 – July 15
Avg LP $/sf
Avg 30Y Rate, Mid-July
2009
1,207
$511/sf
5.14%
2010
1,322
$506/sf
4.56%
2011
1,277
$445/sf
4.51%
2012
1,035
$438/sf
3.53%
2013
1,200
$527/sf
4.37%

While today’s combo is still attractive, the additional new listings, higher rates, and much-higher pricing should bring second-half sales back down to the 1,200-1,300 range like we’ve had in previous years:

NSDCC Detached Sales, Second-Half

Year
# of 2H Sales
Solds LP Avg. $/sf
Solds SP Avg. $/sf
2009
1,324
$420/sf
$393/sf
2010
1,229
$403/sf
$378/sf
2011
1,281
$403/sf
$376/sf
2012
1,676
$409/sf
$387/sf

While the average pricing has increased, statistically it is prone to bouncing around. Here are the monthly averages for closed NSDCC detached sales, and note that so far this month the average is back to $425/sf:

graph (35)

The frenzy lasted about 10 months – I hope you enjoyed it!

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Jim the Realtor
Jim is a long-time local realtor who comments daily here on his blog, bubbleinfo.com which began in September, 2005. Stick around!
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3 Comments

  1. Thaylor Harmor
    Thaylor Harmor on July 26, 2013 at 5:32 am

    “2009 1,200 $527/sf. 4.37%
    ”

    Is the last line in the first table a typo? Should it be 2013?

  3. Jakob
    Jakob on July 26, 2013 at 11:36 am

    Interesting that new listings are still down from 2009, 2010, 2011. I wonder how that would look if you deleted distress listings. Probably a stronger picture. From where we sit on the real estate marketing side, there’s been a huge boost in interest this year.

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