2008 was a tough year in many ways, for the real estate market and elsewhere.
The media reports were full of dire predictions and negative news, which admittedly is true in some ways. But the generalities tend to overshadow the realities of the local markets, which typically are not found in on-line and in-print reporting.
Here are the statistics for 2008 in a number of North County San Diego communities. As you can see, things are not always how they are portrayed in media reports when one looks at local markets. (These data are derived from the MLS and are believed to be accurate but are not guaranteed - manufactured and mobile home sales are not included).
The stats for San Diego County as a whole are provided as well to provide a comparison.
Statistics that go against the norm (e.g., a rise in average price from 2007 to 2008) are noted in BOLD.
Total sales for San Diego County (excluding manufactured and mobile homes) was 28,496 for 2008, up 15% over 2007 sales. The average sales price of $457,354 was down 26% was the average in 2007.
Some things to notice:
- While many average prices dropped from 2007 to 2008, they were often not as significant as the media portrayed and less than the county as a whole, except in those communities like Oceanside and San Marcos where there are significant distress sales which have pulled down the average prices. Some prices actually rose (Rancho Santa Fe, Solana Beach, Encinitas and La Jolla for either detached or attached homes). Keep in mind that these are averages, and may vary from local area to area and across different price ranges.
- The % of sales went down in many communities, which is not a surprise, but rose significantly over 2007 in Oceanside and San Marcos, areas where many REOs and other distress sales are selling.
- The % of sales in the San Diego real estate market increased significantly over 2007 although the prices dropped. Time on market remained fairly constant.
Having the right data to help understand your particular market is important to you can make the right decision as a buyer or seller. If I can provide more details, please let me know.
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If I can provide more information about Carlsbad and surrounding areas, or the housing market in general, or otherwise assist you in your homes search, please contact me by phone or text at (760) 840-1360 or email me at JDowler@remax.net.
All content copyright © 2008 Jeff Dowler Carlsbad Homes and Real Estate Tidbits
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Interesting - almost a 20% increase in number of detached homes sold. However, that's got to be due to the sharp 28% drop in price. But even so, it shows that buyers are out there buying !
Thanks for the update Jeff !