• News
  • Real Estate
Driven by 'short sales'

Carlsbad only market in county showing attached and detached resales growth in 2006

In 2006, San Diego County's existing attached and detached housing resales market markets overall experienced a more than 24 percent decline in sold listings, with only a few showing 2006 increase in attached or detached resales.

The only ZIP code in which the amount of year-to-date both attached and detached sold listings in 2006 where greater than the amount of sold listings in 2005 was 92011 Carlsbad, according to a monthly survey provided by the San Diego Associated of Realtors.

Carlsbad experienced 205 sold listings in detached housing in 2006, compared with 24 during the previous year. In the attached market, the area had 88 sold listings in 2006, which is 80 more than in 2005.

Gary Danielson, an agent for Prudential California Realty's Carlsbad office, attributes the increase in sales to the tremendous amount of growth the area continues to experience.

Dolores Wellborn, a realtor for Realty Executives' Carlsbad office, concurred with Danielson regarding the growth of the area and also cited the amount of "move up properties," move up buyers and loan products as reasons for increased activity.

Spanning the past few years, several new-home developments have been built near Palomar Airport Road. Wellborn said a lot of these homes were purchased with three-, five- or seven-year introductory fixed rates that are now changing into a higher-interest, adjustable-rate mortgage (ARM).

Some homeowners cannot afford the new rates, resulting in an increase in short sales, transactions in which the sales price is not large enough to cover the mortgage.

These short sales are attracting buyers to the existing home market in Carlsbad as better deals can be found in the existing market than in the new home market despite growing builder incentives, Wellborn said.

Detached sales

Looking at the county as a whole, there were 19,283 sold detached listings in 2006 worth a total of more than $14 billion, according to the SDAR data. The amount of sold listings represents a nearly 25 percent decline when compared with the 25,635 sold listings, valued at more than $18 billion, in 2005.

Average days on the market increased 15 days from 2005 to 2006, with detached homes experiencing an average market time of 67 days in 2006.

The average year-to-date sales price in 2006 for a detached product was $726,644, which compares with an average sales price of $707,204 in the previous year.

The median sales price in 2006 was $575,000, which is a slight increase from the median sales price of $574,000 experienced in 2005.

ZIP codes within the county where total sold listings in 2006 were higher than in 2005 included: 92004 Borrego Springs (64 and 60); 92011 Carlsbad (205 and 24); 92075 Solana Beach (88 and 87); 92091 Rancho Santa Fe (28 and 24); and 92127 Rancho Bernardo (406 and 393).

Attached sales

In the attached sector, there were 10,398 sold listings valued at more than $4.4 billion in 2006. This compares with 14,558 sold listings valued at more than $6.3 billion in 2005.

Average days on the market in 2006 stood at 70, which is an 18-day increase compared with 2005's average.

The average sales price in 2006 was $429,670, while the median sales price was $368,109. This compares with last year's average price of $437,676 and median price of $380,000.

ZIP codes in which total homes sales this year were higher than in 2005 included: 91901 Alpine (30 and 22); 91950 National City (94 and 63); 92011 Carlsbad (88 and 8); 92021 El Cajon (220 and 180); 92026 Escondido (187 and 142); 92113 Logan Heights (39 and 27); 92115 College Grove (376 and 284); and 92116 Normal Heights (259 and 204).

Looking only at December 2006's sales figures the attached market saw 696 sold listings worth a total of nearly $286 million. The average days on the market that month for an attached product was 80 and the average sales prices was $410, 430.

In the detached sector, there were 1,364 sold listings valued at nearly $993 million in December. The average amount of days on the market was 74 and the average selling prices was $727,795.

User Response
0 UserComments