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|