January 17, 2011

How are other Pacifc Coast Markets fairing

The Mission Beach real estate market, a small section of the larger San Diego County real estate market, saw disappointing home sale statistics for both yearly composite and some monthly measures in December 2010. Interestingly, according to one tracking service, provided by the San Diego Association of Realtors, sales of both detached and attached homes saw a significant increase over December 2009. Detached homes saw a sales spike of just under twenty-seven percent compared to year-ago levels, while attached homes rallied by twelve and a half percent. A seasonal increase is generally considered normal between November and December. However, this uptick was not sufficient to bring the area’s annual figures into positive territory. For the entire year, the San Diego area saw a decrease of more than seven percent for attached homes and a decline of nearly five and a half percent for attached homes. Significantly, the annual median sales price increased compared to last year, reaching $330,000 in 2010 – a rally of about eight percent from 2009. Detached homes specifically saw average sales prices rise by almost eight and a half percent, to $385,000, while attached homes saw a less pronounced rally at less than seven and a half percent ($220,000). Additionally, homes spent about eight percent more time on the real estate market in 2010 relative to 2009, with detached homes taking about ten fewer days to sell than attached homes.

The number of Mission Beach real estate closings and pending San Diego County home sales decreased in December 2010, bucking a nationwide trend to the contrary. According to the national Pending Homes Sales Index, the number of pending home sales in the United States as a whole saw an increase in the most recent tracking period, while the number of pending sales in San Diego County saw a decrease. In December 2010, there were a total of 4,471 pending sales in the county, compared to 4,652 a month earlier. One local real estate expert attributed the lag to the more expensive product mix of properties in San Diego, which tends to have a median sales price well above many other parts of the state and country.

Posted in Real Estate Information, Real Estate Investments

7 Responses to “How are other Pacifc Coast Markets fairing”

  1. Brian Porter says:

    Yes, 2010 was a tough year for real estate, but I think our local market (Portland, OR) is worse off than yours. After a head fake in the summer, our market took a tumble in the fall and winter.

  2. Brian Porter says:

    I think 2011 could be a very good year for real estate. In areas where there has been overbuilding, they might continue to drop because of the short sale/foreclosure influence, but in premium neighborhoods and older neighborhoods people have owned their homes for a longer period of time, and the foreclosure death spiral will have less of an effect this year.

  3. mamookay says:

    I find your article really interesting for more information on Mission beach as well San Diego real estate please visit my website. Thank You

  4. Rebecca Austin says:

    Nice information of the san diego market. I am optimistic on a recovery in the near future.

  5. Bob says:

    I think most California markets were disappointed by the December numbers.

    Here in Northern California, we had to wait until April to see if we would have any market at all. Some Realtors blamed our unseasonably rainy weather. I’m not so sure.

    Buyers buy when they want to buy, regardless of the weather conditions. I think they are nervously watching the market, just like everyone else.

    Good Luck to you in a beautiful part of California!

  6. Sean Pearson says:

    I am amazed that any market is seeing an increase in property values. Just goes to show that people still love to be in the sunny states.

  7. Jim Cope says:

    From the detached house to a new home. There are a lot of pending home sales decreased in december 2010. There is one local estare expert that attributed the lag to a more expensive produc mix of properties in san Diego, which tends ht have median sales price well above other parts of the state and country.

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