- This topic has 24 replies, 13 voices, and was last updated 17 years, 3 months ago by
sdrealtor.
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February 1, 2007 at 8:18 AM #44585February 1, 2007 at 8:38 AM #44587
Bugs
ParticipantMaybe this makes up for the reduction in volume countywide during 3rd Qtr 2005. I ran the numbers last week, and those numbers would have included the late posters from the agents. If memory serves, December 2006 was down 15% from December 2005, and 3Q/2006 was down by over 20% from 3Q/2005.
February 1, 2007 at 8:40 AM #44586lindismith
ParticipantWow, this is really great info! Thanks for posting sdrealtor!
Also, can you post price per foot for 2005, and 2004?I wonder if that drop is the same as what happened in the last local RE cycle? Does anyone have those figures from back then?
February 1, 2007 at 10:09 AM #44593sdrealtor
ParticipantEveryone,
I will do my best to get to everyone’s requests today but am very busy with RE matters as well as the opening of a new unrelated business venture in a couple weeks. It might not be until later tonite.Glad you find the information useful. it’s my pleasure to share.
SDR
February 1, 2007 at 10:30 AM #44594FutureSDguy
ParticipantAh, now we know why this particular RE broker isn’t such a spinster like the others. 🙂 He isn’t so fiscally dependent. Good luck in your new business.
February 1, 2007 at 3:50 PM #44631kicksavedave
ParticipantI know this is a micro look at a macro issue, but right in my tiny little townhouse development, I’ve observed the following recent activity.
Last year my landlord offered to sell me the 1660 sqft unit I rent in LaCosta, for “about $500k”. After finding this site, and over several months of contemplating, I declined. During this time, a slightly larger (1800 sqft) unit across the street went on sale for $565K. Not a single look see, it showed like crap, because the owners left it a mess. After about 150 days it dropped to $535K. After about 300 days it dropped to $500K. So the bigger unit will now sell for less than my smaller one was thought to be worth a year ago, essentially on the same street.
In December, an identical unit to mine, except much more nicely upgraded, with granite, stainless, etc, went on the market for $470K. That unit sold in ~45 days, at $450K.
So the volume is there, so long as the pricing is realistic. Overprice a dump, it will sit forever. Price a nice property with realistic expectations, and it will sell. Looks like quite a few sellers in January understood this concept.
But the bottom line is, where my owner once expected $500K a year ago, he’ll now be lucky to get $435K for it. About 10% more and I might be tempted to reconsider:)
February 1, 2007 at 9:30 PM #44643ParticipantAN,
My pleasure.92121 (3 sales last year, 2 this year) Not enough data and avg home size to different to interpret anything meaningful
92126 (volume down, hard to tell what’s happened with price)
19 Detached sales in Jan 2006
Avg price per sq ft was $365 for 1372 sq ft home25 detached sales so far for Jan 2007
Avg price per sq ft was $332 for 1461 sq ft home (bigger homes sell for less per sq ft so decline overstated)92129 (volume down, price down 7%)
27 Detached sales in Jan 2006
Avg price per sq ft was $318 for 2180 sq ft home19 detached sales so far for Jan 2007
Avg price per sq ft was $296 for 2176 sq ft home92130 (The big hurt! Volume down, price down 16%)
32 Detached sales in Jan 2006
Avg price per sq ft was $394 for 3258 sq ft home27 detached sales so far for Jan 2007
Avg price per sq ft was $340 for 3203 sq ft homeFebruary 1, 2007 at 9:35 PM #44644an
Participantsdr, thanks again for the info. It seems like the area hurting the most are the area with new homes. Since builders are much more willing to be realistic to move inventory quickly.
February 1, 2007 at 9:39 PM #44645Participant92037
24 Detached sales in Jan 2006
Avg price per sq ft was $646 for 2486 sq ft home13 detached sales so far for Jan 2007
Avg price per sq ft was $801 for 3221 sq ft homeLa Jolla is a tough one because of the uniqueness of each home in so many respects (size, design, view, location etc.). The mix of homes can lead to HUGE swings. With that said volume is waaaaaaay down.
92109
5 Detached sales in Jan 2006
Avg price per sq ft was $578 for 1078 sq ft home7 detached sales so far for Jan 2007
Avg price per sq ft was $580 for 1446 sq ft homeNot enough data to say much of anything.
February 1, 2007 at 9:53 PM #44646ParticipantLindi,
Here are some countywide numbers (looks like there is a corrected figure for Jan 2006). I also threw in some numbers to show you what happened during the peak off the frenzy in Spring 2004. Bear in mind that January 2004 sales actually went into escrow in Nov/Dec 2003 before things really got nuts!Avg price per sq ft January 2004 – $302 (avg = 1973 sq ft)
Avg price per sq ft April 2004 – $321 (avg = 2001 sq ft)
Avg price per sq ft June 2004 – $342 (avg = 2003 sq ft)Avg price per sq ft January 2005 – $352 (avg = 1958 sq ft)
Avg price per sq ft January 2006 – $362 (avg = 2019 sq ft)
Avg price per sq ft January 2007 – $344 (avg = 2040 sq ft)
In both cases the avg house was comparable in size (2000 to 2050)
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