San Diego Beach Homes Sales Rise but prices Flat

BEACH BUBBLE TROUBLE ?

With all the talk of the bottom and artificial stimulus- lets see how its affecting the Beach communities- where the slogan always is – “But It’s Different Here”

We have a tale of a few different markets here in San Diego County. Many are aware that the pricing in East County ,downtown or even 5 miles from the coast can vary greatly with the Beach Bubble pricing that we have come accustomed to over the past 10-20 years.  Inland is somewhat “affordable” in pockets with some areas of bubble pricing remaining high such as Carmel Valley or Rancho Santa Fe.

I have seperated the coastal beach towns from Coronado to Carlsbad and will show you how the sales activity has been in these areas over the past year.

September 2012  vs September 2011

TOWN 09/12 ACT/PEND MED SP/SQ FT 09/11 MED SP/SQFT

Carlsbad       126       290/421 635K       $260               90            627k        $256

Encinitas       45         149/113       700k       $357                28           769k        $365

Solano             9            65/35       1.15m     $444 7            915k         $405

Del Mar          13           98/43       1.55m $656                19          1.10m        $656

La Jolla          26         264/153      1.19m       $490              21           1.30m        $494

Pacific Beach 10        157/115         719k        $434               13           639k          $395

Ocean Beach  14       43/32           693k         $380               14           638k         $387

Pt Loma           17       74/21          755k          $404                9            830k        $365

Coronado         13      162/51        1.31m         $660            11           1.65m       $718m

What this is showing is that sales are up year ovver year 20% but Pricing remains realtively flat.  Please note that in some beach towns there can be wild swings in Median price and SP/sqft due to  highly variable composition of sales.  It would appear that many of the beach “entry level homes”  are selling faster with a sprinkling of high end bombs selling ,but most of the high end homes are sitting. Average list price vs average sales price for the area has roughly a 30% spread right now. Many unrealistic sellers.

Year over year totals:

Year # of Sales Avg $/sf Median
2011 210 $443 916k
2012 270 $446 877k

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