Monday, June 9, 2008 at 07:01AM
May Sales and Prices
There will still be a few more late-reporters for the 2008 stats, given the Tempo5 debacle, but here's the preliminary numbers for detached homes in May, year-over-year, ranked by how they did price-wise (MSP = Median Sales Price):
| Town/Area | Zip Code | 07/08 # of sales | 07 MSP | 08 MSP | Price chg |
| La Jolla | 92037 | $1.550 | $2.025 | +30.6% | |
| CarmelVly | 92130 | $947.5 | $975K | +3.0% | |
| RSF | 92067 | $2.800 | $2.822 | +0.8% | |
| SolanaBch | 92075 | $1.415 | $1.372 | -3.1% | |
| C-bad SE | 92009 | $753K | $728K | -3.3% | |
| Cardiff | 92007 | $1.070 | $1.008 | -5.8% | |
| DTcondos | 92101 | $499K | $468K | -6.2% | |
| Encinitas | 92024 | $820K | $750K | -8.5% | |
| C-bad NW | 92008 | $795K | $722K | -9.2% | |
| C-bad SW | 92011 | $860K | $770K | -10.5% | |
| RP | 92129 | $655K | $577K | -12.0% | |
| Vista S. | 92081 | $460K | $400K | -13.0% | |
| O-side NE | 92057 | $460K | $395K | -14.0% | |
| C-bad NE | 92010 | $648K | $550K | -15.1% | |
| SanMrcsS | 92078 | $621K | $524K | -15.6% | |
| RB | 92128 | $653K | $550K | -15.7% | |
| O-side W | 92054 | $556K | $458K | -17.7% | |
| Del Mar | 92014 | $1.575 | $1.225 | -22.2% | |
| SanMrcsN | 92069 | $513K | $381K | -25.7% | |
| O-side SE | 92056 | $505K | $373K | -26.2% | |
| Ramona | 92065 | $580K | $417K | -28.1% | |
| VistaMid | 92083 | $430K | $308K | -28.4 | |
| 4S/Santlz | 92127 | $1.170 | $825K | -29.5% | |
| Vista N. | 92084 | $555K | $356K | -35.9% | |
| Poway | 92064 | $858K | $545K | -36.4% |
Only a couple of surprises - the sales in South Carlsbad took a beating, dropping 35% in 92009, and 68% in 92011 - probably a sign of those still holding out? Poway coming in dead last on pricing probably isn't that big of a deal - the high-end has gone stagnant, while the lower-end has seen foreclosures rolling through. Of the 27 sales last month, five were REOs, and three were short sales, but they were all under $600,000.
I have tickets for the US Open practice rounds for tomorrow and Wednesday, if anyone can use them - let me know!
Jim the Realtor
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Reader Comments (15)
I notice that some of these areas had sales in the single digits (Cardiff only had *two*). What's the smallest number of sales an area can have before the stats become meaningless?
I'd say any areas where the sales are under ten, the fluctuations can be extreme. Take them with a grain of salt.
the only area that showed significant increase in sales: Oceanside. driven by foreclosures in all likelihood.
Jim, care to comment on why the C-wide REO inventory is shrinking?
http://bubbletracking.blogspot.com/2008/06/since-reaching-peak-inventory-of-15700.html
Wow, it is almost like someone at the high end stopped pulling up on a slinky and started pulling down on the low end with ripples undulating through the middle.
"why the C-wide REO inventory is shrinking"
That's not hard to make happen. All the bank has to do is determine how fast their realtors can unload REOs in inventory and adjust the rate at which they foreclose on new ones accordingly. Haven't we already seen comments here from people wondering why banks are letting defaulted borrowers stay in their houses so long?
why the C-wide REO inventory is shrinking
They let the defaulters stay in the house to provide security for the property. As soon as the house goes empty it becomes a target of vandals and thieves. Banks would rather the houses sit empty for as short a time as possible, but if their inventory is too high, it becomes impossible to unload the empty houses quickly.
Hey Jim,
Are you offering the golf tx for free? Parking sounds like a bear, but if you don't find any takers, my husband might be interested for Wed., since he is over there anyway.
Thanks.
Is anyone responsible for accuracy in inputting closing prices on the MLS? I ask because there are a number of recent "mistakes" that paint a too-rosy picture of La Jolla sales:
745 S Coast Blvd #1A
listed for $1.795 M and sold for $17 million. I don't think so...
619 Westbourne St (Village Chateau)
listed for $795,000 and sold for $1,350,000. There were 2 adjacent condos for sale (the second one listed for $895,000) and I am guessing someone bought both.
939 Coast #LA
listed in January for the range $395,000 to $425,000. Lowered the price in Febuary to $375,000, then months later magically closes for $525,000??
On the other side, apparently someone really did "give it away":
Montrachet #201
listed for $1,212,500 and sold for $0!
Does anyone ever correct this stuff? The statistics are obviously only as good as the data that generate them.
"They let the defaulters stay in the house to provide security for the property"
Smart idea too. We just looked at a REO that had been broken into and stripped of all wood floors. I hear in some parts of the country, thieves even rip the copper plumbing out. Kind of hard to sell a house without plumbing.
Jim - Thanks for putting Cardiff and Downtown in the list. And as usual, great information.
Yes - I have four free tickets for Wednesday's practice rounds, and they are Trophy Club tix. Officially they are 'for promotional purposes', so I can write them off. The next time you think about buying or selling, give me a call, OK?
just me - let's not get into.... oh well let's get into it. You may have heard, the MLS did a major overhaul and took 100 steps backwards last week. I'm making my way around it pretty good, but am still shocked that they included NO new obvious benefits.
Everyone complains about the history of a listed property, and how agents who re-list every 30-60 days to keep 'em fresh should be stopped. Did they fix it? Well they now have a button for listing history, but EVERY listing change is listed, and they are all mixed up with the others. It makes it very hard to figure out when and where it was ever listed before.
How hard would it be to connect the MLS to the tax rolls? They ask you at the beginning of inputting a listing if you want to connect and pull directly from the tax rolls the vital info. Of course, when you try it, it usually doesn't work. But there has to be a way for the sales prices to be pulled right from the tax rolls. It's embarassing how incorrect the data is, and it's because it is manually inputted by the agents. As you have seen, they do both - purposely and accidentially input the wrong sales prices. But they expect me to do mine right so when they need the info for their next listing, they can count on it.
You betcha! Unfortunately, though, I got appointments mixed up and can't use the tx.
Thank you very much anyway :o)
Uff, Those numbers don't look nice. I can't imagine such swings here in Toronto. It has to be very challenging to work with such market.
What's so speciall about La Jolla? +30.6%, it seems like miracle place, comparing to the rest :)
Hope you will do fine :)
Julie
Higher medians don't really tell us anything about whether the individual homes sold for more or less than they were worth a few years ago. All 19 homes that were sold could have been short sales and still lifted the median.
Rumors of CV's demise appear to remain exaggerated...