1 in 3 listings in SDO vacant??

[IONEGARM]

I noticed here that he says 33% of listings in SDO are vacant

http://reoprof.blogspot.com/2006/09/san-diego-august-06-existing-home.html

I asked “Jim the Realtor” from bubbleinfo.com to confirm:

http://bubbleinfo.squarespace.com/journal/2006/9/1/september-1st-math-check.html#comments

Why would anyone buy when conditions are like this, those houses are drains on whoever owns them.

[SD Renter]

I’m a licensed agent with MLS access. 25% of the three Vista ZIPs are listed as vacant. I don’t know how to search numbers greater than 250 at a time on the MLS yet. 33% seems pretty high to me. Then again, one would assume even at a 25% vacancy percentage that those 25% would be the most motivated and would price their homes to sell next. If I had county-wide access, I’d look at average list price of the vacants compared to the non-vacants. If I were a buyer’s agent, I’d only show my client vacants and put in low offers.

[sdduuuude]

I’m not 100% confident about this, but I think we have a post somewhere back there that demonstrated vacant listings often hover around the 25% and 30% range. So, yes it seems like a lot, but is it alot compared to “normal” Also, did this number shoot up in prior bubbles? I dunno.

[jimklinge]

There are currently 22,766 active listings of detached and attached homes in SD County. Of those, 7,693 are vacant (33.8%). There is a 13% spread between average prices ($781,873 and $679,568). But with the huge sample, different types of properties, different sizes, etc., would a closer look reveal a different result?

Here’s the breakdown between detached/attached:

AVERAGE PRICE

SF detached:

owner/ten occ – $916,893 of 10,341 for sale (71%)
vacant – $856,412 of 4,258 for sale (29%)

SF attached:

owner/ten occ – $486,434 of 4,758 for sale (58%)
vacant – $460,328 of 3,434 for sale (42%)

When separated into detached and attached, there is a 6% spread between the average asking price of occupied and vacant properties here.

I triped-checked these numbers, and they kept coming out the same.

Can we say there is a 6% to 13% difference between the list prices of occupied and vacant homes?

Jim the Realtor

bubbleinfo.com

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