You can also see how average pricing trailed the sales count in 2005 and 2006, only to have Angelo goose the market with the no-down, no-doc neg-ams up to $1,500,000 for one last burst in 2007.
With last month’s sales re-calibrating lower, and using the historical trend as a guide, shouldn’t we see the average cost-per-sf start to top out – and be dropping in 12 months?
North SD County’s Coastal November Sales and Avg. $/sf
Of course, this is the new normal. It’s possible that November sales slowed down because buyers became more picky, and fewer homes were deemed worthy. This waiting-buyer demand is hard to measure – if you are in that group, let us know your thoughts!