General 2010 stats from the San Diego MLS:
Total listings:
2009 – 70,744
2010 – 73,437 (+4%)
The additional were probably all re-lists.
Total Sales, Detached and Attached:
2009 = 35,240
2010 = 32,727 (-7%)
Lower sales reflect the difficulty of finding good deals – most buyers would rather wait.
Cost-per-sf, Days-on-market:
2009 – $223/sf, 63 DOM
2010 = $238/sf, 70 DOM (+7% on pricing)
The cost-per-sf metric is going to fluctuate 5% or so in either direction most years from now on.
Detached solds only:
2009 – 22,571, $229/sf, 61 DOM
2010 – 20,641, $247/sf, 66 DOM (-9% sales, +8% on pricing)
Part of the squeeze for quality – SFRs better than condos.
North San Diego County Coastal, Detached and Attached Solds:
2009 – 3,632 sales, $371/sf, 74 DOM
2010 – 3,861 sales, $363/sf, 72 DOM (+6% sales, -2% pricing)
Remarkable stability for a higher-end area.
North San Diego County Coastal, Detached Solds, by price range:
| Price Range | 2009 | 2010 |
| 0-$800,000 | 1,044 sales, $304/sf | 1,106 sales, $312/sf |
| 801-$1.2M | 653 sales, $354/sf | 717 sales, $364/sf |
| $1.2M+ | 541 sales, $616/sf | 623 sales, $527/sf |
All but one category improved this year, with total sales up 9%.
J. Mann, flipper
2009 – 292 sales, $214/sf
2010 – 356 sales, $215/sf
They need to make a movie about this operation.
San Diego SFR Foreclosures (trustee sales from foreclosureradar.com)
2009 – 8,732 (6,883 REOs/1,849 third-party buys)
2010 – 7,441 (5,132 REOs/2,309 third-party buys)
15% drop-off, could use a surge just to catch up.
NSDCC SFR Foreclosures (trustee sales)
2009 – 437 (365/72)
2010 – 450 (316/134)
There were only 196 sold REO listings on the MLS in 2010, so there are some NSDCC bank-owneds laying around somewhere. But 100 or so properties in process aren’t enough to tilt the scale. There are some REO listing agents who aren’t marking their listings as REOs on the MLS too.
Highest Sale:
2009 – $18,150,000 for 1900 Spindrift, La Jolla:
2010 – $10,000,000 for 9882 La Jolla Farms Rd., La Jolla:
JTR – I note that the number of 3rd party trustee sales increased even though the total number of foreclosures decreased between 2009-2010.
The 3rd parties in 2009 were 21% of foreclosures vs. 31% in 2010.
Question: Do you believe this was because of:
a) lower opening bids by the banks wishing to actually move the product; or
b) an increase in the investor pool and buyers at the steps resulting in higher bidding and a willingness to bid on the same high opening bids? essentially a more aggressive buyer pool?
Great data. I wonder what percentage of foreclosures in NSDCC were in the $0-800K tier?
The $0-800K plus condos make up 65% of sales which is where the distress is most prominent. Which skews the medians lower and discourages anyone listing those quality homes so desperately desired by many readers here.
Many who want prices to go lower will only jump in when prices begin to rise. Which is also when quality homes will begin to be listed. It’s a stand-off.
Here is an article I enjoyed in the LA Times that says now is the time to sell and to buy;
http://www.latimes.com/business/realestate/la-fi-umberger-20110102,0,6685941.story
great data Jim, keep up the reporting of the real scene.
One possible explanation for the gap between REO listings on the MLS and bank owneds laying around and not moving is that not all bank owneds, at least as they appear on realist, are really bank owneds. Some of these are probably non-institutional foreclosures where there is no intent to resell as REOs.
For instance, I foreclosed on some properties based on private money loans in 2009-2010 which I plan to hold, but they are still listed as “bank owned” on realist.
So the 100 or so NSDCC REO gap may be even less than it appears.
Agree with Kingside as we have a couple of these REO types which we foreclosed upon for our private lender clients and they have no intention of selling anytime soon.
Interesting there are 2.4 listings per sale. Wonder how many are homes switching agents vs the same agent relisting the same property under a new MLS #.
I’d watch the Jon Mann movie.
His numbers are damn impressive. Moreso because he doesn’t always knock it out of the park. Here’s one he took a bath on:
http://www.redfin.com/CA/Lakeside/8821-Gardena-Way-92040/home/5052494
No big deal if you whiff on a few if your volume is so large. A good reason for newbies to be cautious in the foreclosure game.
FYI J Mann is the front for a large Chinese investment group out of Huntington Beach. They are active in OC and LA also.
That last one has been torn down and a new house is being built.
The house looks like it’s going to turn out fantastic of course…it’s oceanfront La Jolla Farms!
I can’t wait to see the finished product. At the other end of the road, to the right of the one with the security gate and the lush landscaping are two beautiful homes. I’ve had the fortune to be in both of those and the view is amazing.
I thought the RSF was my favorite place in north county coastal….but I changed my mind.
Too bad teh 18 Million dollar mansion looks like a TGI FRIDAYS ! ha ha You can tell the seller is rich, old, and lacks any decorating sense. Dumb da dumb dumbbbbbb
JTR, wasn’t the TGIF home Papa Doug M’s house before the split?
Yes, and the billionaire who bought it also picked up the 2,600sf house next door for $8,000,000 cash. JPMorgan Chase gave him a $10,000,000 mortgage a year ago.
https://www.bubbleinfo.com/2009/11/07/more-big-money/