Saturday, July 5, 2008 at 07:52AM
More June Stats
The other day we saw the June sales above $800,000, here is the chart for the $400,000 to $799,000 range, in alphabetical order:
2007/2008 June Sales of Detached Homes
Town or Area
Zip Code
June Closings 07/08
June Avg $/sf 07/08
Carlsbad NW
92008
Carlsbad SE
92009
Carlsbad NE
92010
Carlsbad SW
92011
Carmel Vly
92130
Encinitas
92024
MB/PB
92109
Oceanside
all
SanMarcosS
92078
Santlz/4S
92127
Vista
all
Total
above
232/184 (-21%)
$303/$261 (-14%)
In the higher-priced areas like Carlsbad and Encinitas, there appears to be squish-down in effect, and in Oceanside and Vista where the $400,000 to $799,000 is the high-end for those areas, sales must have dropped down into the lower ranges. La Jolla, Rancho Santa Fe, Del Mar, and Solana Beach had no sales under $800,000 either year.
Jim the Realtor
in Sales and Price Check
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8 Comments
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Reader Comments (8)
Thanks for sharing, this stuff is really helpful.
I compiled info very similar to this and sent it to a homeowner doing an FSBO, and they just wouldnt accept it as fact. I was trying to explain why their house was worth under 300/sqft and not 400/sqft.
I still think we have a while before reality begins to set in for many here.
I don't think data convinces anyone to lower their price. The only effective persuader is a lack of offers or interested parties in a situation where not selling is worse for the owner of the property than selling.
mkl-
I think what you fail to realize is that some people just can't afford to lower their price. This may or may not be the case with your particular seller, but if there is no room to move in the numbers then that explains the response you received. This is part of the stalemate right now in terms of buyers vs sellers. In the end, an owner will either sit on it for years or foreclose when/if payments reset. If the owner has money then obviously neither reason applies and yes, they just don't get it.
Poorhouse, You've cut to the most important consideration in the housing fiasco: who should care if an owner "just can't afford to lower (his) price." As a buyer, I couldn't care less. That's between him & the holder of his mtg.
I care a LOT that elected and appointed officials have already committed HUNDREDS of BILLIONS of TAXPAYER DOLLARS to help corrupt Banks and walk-away speculators, and we're not even half vay through the correction!
These "poor" homeowners get NO sympathy from me, my guess is they ignored fundamentally sound financial reasononing when they bought so they could do what they WANTED to do.
All the political pandering is likely to end Nov. 5th and a day of reckoning is sure to follow. With the oncoming Alt-A & option ARM resets there will be a rush to the door, it's no longer a question of "if", just one of "when". Then, we'll see how poor these "poor" homeowners are. I can wait.
Really? Personally, I fear there will be some sort of federal bailout that will paste the visage of a fix on the soul of a disaster.
Looking at coastal areas, Carlsbad NW, SW and Encinitas, (though alot of Encinitas is east of the 5), the picture slightly changes.
Sales: up +229% (39 vs. 17 last year).
Prices: down -15% ($374/sf vs. $316/sf last year).
These are sought after areas. I'm guessing bigger homes in these areas came down to around the $700K and were snapped-up as conforming loans with 10% down. That's why sales are up and prices per sf down. It's a "squish-down" but maybe not that squishy.
It may be just a matter of price point as it relates to lending limits.
The numbers for the region becomes disastrous when Vista and Oceanside are factored in. Very different markets all lumped together in this entry.
Got the $/sf # backwards above. $316/sf this year.