Tuesday, July 1, 2008 at 01:40AM
June Stats
The June numbers are trickling in. There will be the late-reporters that usually add 5% to 10% to the totals, but you get the idea. The financing for houses above $800,000 is harder to find, and more expensive as a result. How is the higher-end detached market being affected? Categories are Current Active Listings, New Listings in June, New Pendings in June, and June Closings (ranked by # of closings):
Detached Homes $800,000 and Above, June 2008
Town or Area
Zip Code
Actives
New List
New Pend
Closings
Carmel Vly
92130
150
32
31
23
Carlsbad SE
92009
129
21
13
18
4S/Santaluz
92127
147
26
13
13
La Jolla
92037
204
32
17
11
Poway
92064
73
9
5
11
RSF
92067
225
14
10
10
Del Mar
92014
104
21
5
8
Carlsbad SW
92011
92
18
9
7
Encinitas
92024
124
24
13
6
Solana Bch
92075
51
10
2
4
Carlsbad NW
92008
50
5
1
3
PB/MB
92019
69
13
4
2
Here's how they compared to the 2007 numbers (beware of small data sets):
Town or Area
Zip Code
June Closings 07/08
Avg.$persf 07/08
Carmel Vly
92130
Carlsbad SE
92009
4S/Santaluz
92127
La Jolla
92037
Poway
92064
RSF
92067
Del Mar
92014
Carlsbad SW
92011
Encinitas
92024
Solana Bch
92075
Carlsbad NW
92008
PB/MB
92109
Total
Above
I wouldn't put too much stock in the average $/sf changes due to small data sets, but the comparison of closed sales is revealing - big hits in every area. The Y-O-Y change in the total number of sales is -56%so far - once the late-reporters check in, it'll probably get down to 40% to 50%.
Jim the Realtor
6 Comments
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Reader Comments (6)
Wow, there's an awful lot of high-end sellers not getting any action during the prime selling season. Maybe capitualation is closer than I thought.
I noticed today there are a ton of listings being pulled off the market. Is this because of the holiday weekend, or are people accepting that the summer selling season is a bust?
Nice to see PB/MB well on their way to becoming as over inflated with high priced, non-selling actives as LJ is. Nothing like super-inventory when going into the winter.
when is Carmel valley going to get in line with the steep drops in other communities.
Regarding mattK's comment above; I have just seen what might be the first sign of capitulation. The house I have been following for about 18 months now rejected an ultra low bid of ours on a technicality rather than suggesting I was insane for offering so little money (they had rebuffed our low offers many times before).
It seems that they have come to the understanding that a short sale is in their best interest; and just maybe as Jim said to me, they get that once you are in short sale territory, it doesn't matter what price is being offered, its the bank that is holding the bag (at least once you lose your down payment).
when is Carmel valley going to get in line with the steep drops in other communities.
When they stop building more and more homes, which hasn't happened yet.