San Diego Real Estate Market - A 2008 Year-End Market Report Summary (LOCALISM FEATURED)

By
Real Estate Agent with Solutions Real Estate CA DRE #01490977

San Diego real estate - Jeff Dowler2008 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.

San Diego real estate market summary for 2008

Some things to notice:

  1. 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.
  2. 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.
  3. 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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All content copyright © 2008 Jeff Dowler Carlsbad Homes and Real Estate Tidbits

 

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Ambassador
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Sheldon Neal
Bergen County, NJ - RE/MAX Real Estate Limited - Maywood, NJ
That British Agent Bergen County NJ

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 !

Jan 05, 2009 05:36 AM #1
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Jeff Dowler, CRS
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude

Sheldon - well the number of sales is encouraging, as is the significantly increased affordability.

Jeff

Jan 05, 2009 07:42 AM #2
Rainer
292,552
Diane Aurit
LKN Realty, LLC - Mooresville, NC
Lake Norman Real Estate

Am I right that the communities with the highest sales increases were those with the highest price decreases?  Are they doing well because the inventory is down or prices are down or...?

Jan 05, 2009 07:43 AM #3
Rainmaker
190,666
DEBORAH STONE
Balboa Real Estate San Diego, CA - San Diego, CA

Jeff

Thanks for these stats. The media is having a field day with So Cal. I had friends calling me from the East Coast asking me if I were homeless or about to be....LOL

Jan 05, 2009 08:21 AM #4
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George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Jeff, you make some excellent points here, it is to bad that we can't get the Media to see the same thing and stop the type of reporting that they have been doing, and which has contributed to the downfall that we have been experiencing.

Jan 05, 2009 10:22 AM #5
Rainmaker
605,583
Brian Burke
Kenna Real Estate - Englewood, CO
Broker & Advising Expert-Denver Luxury Real Estate

Jeff - very interesting. I always like to see what is going on over there :) ~Rita

Jan 05, 2009 01:44 PM #6
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Rich Jacobson
Fathom Realty West Sound - Poulsbo, WA
Your Kitsap County WA Real Estate Broker

Jeff:  I really do hope you don't mind me featuring your Year-End Market Recap? We desperately need more examples of this kind of local content articles. I especially appreciate that you never simply display statistical data, but add your own analysis and commentary of the state of the market. Great job as usual!

Jan 05, 2009 04:27 PM #7
Rainmaker
534,689
Liz Moras Migic
Chilliwack, BC
Chilliwack, British Columbia - Realtor

Terrific Localism as always - love the combo pic and stats and summary... 

Jan 05, 2009 04:31 PM #8
Rainmaker
3,209,023
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Jeff, I just did an analysis of the Marina Del Rey market same about 8.4% drop in sales year over year, but if we listened to the Media you would think it was a 50% drop. Glad to hear things are not as bad as projected.

Jan 05, 2009 05:13 PM #9
Rainmaker
340,012
Ann Cummings
RE/MAX Shoreline - NH and Maine - Portsmouth, NH
Portsmouth NH Real Estate Preferrable Agent

Hi Jeff - this is a great year-end recap.  Easy to understand and you add some commentary to it as well - that makes it more interesting than just numbers.  Rich is right - 'great job'!

Ann

Jan 05, 2009 09:57 PM #10
Rainmaker
1,049,106
Bill Gassett
RE/MAX Executive Realty - Hopkinton, MA
Metrowest Massachusetts Real Estate

Hi Jeff -  great use of graphs in your market report and good work with the analysis to go along with it.

Jan 05, 2009 11:18 PM #11
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Kat DeLong
LakeView Realty Enterprises, Inc - Lake Arrowhead, CA
Realtor DRE#01235311, Lake Arrowhead Real Estate (

Jeff: I know these areas well, so this report was very intersting to me.  I LOVE Carlsbad!

Jan 06, 2009 07:43 AM #12
Rainmaker
429,239
Betina Foreman
WJK Realty - Austin, TX
Realtor, C.N.E., with WJK REALTY

Dear Jeff,

Now thihs is a great stats posting. When you do something you do it right! Way to go!

Betina

Jan 06, 2009 09:25 AM #13
Rainmaker
808,819
Anthony Stokes-Pereira
Better Homes and Gardens Rand Realty - Nanuet, NY
Realtor

Hi Jeff;

Thank you for sharing your market area report with us. Happy New Year!

Jan 06, 2009 10:15 AM #14
Rainmaker
595,381
Lisa Hill
Florida Property Experts - Daytona Beach, FL
Daytona Beach Real Estate

I still have to do my 4th quarter and year-end posts. I also need to add 2008 to my multi-year comparison charts. I know what I want to do. It's just a lot of work. Ugh. I need to just do it.  Good job on yours, and congrats on your Feature.

Jan 06, 2009 10:38 AM #15
Rainmaker
325,871
Esko Kiuru
Bethesda, MD

Jeff,

Looking at your stats it's mostly down, as expected, but there where some areas with gains. So, individual market segments can swing quite a bit. Overall, decent, considering, unlike here in Vegas.

Jan 06, 2009 03:04 PM #16
Rainmaker
394,850
Elizabeth Cooper-Golden
Huntsville Alabama Real Estate, (@ Homes Realty Group) - Huntsville, AL
Huntsville AL MLS

Jeff, As always, you have given us a great window into your world in Carlsbad.  Even your market reports are interesting!  That takes some talent:)  Thanks for sharing.  Glad to see home sales are up, but it stinks that your prices have fallen. Great time to buy there!

Jan 08, 2009 12:49 PM #17
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