July Real Estate Sales Not So Hot:Rancho Santa Fe Down 26.7 Pct. Solana Beach Down 71 Pct.

From ahharsfnews.com

 

Buyers acquired fewer houses in July in North San Diego County than in any July since the first Reagan administration, according to data from the San Diego County Assessor. Rancho Santa Fe 92067 had a median sales price of $2.25 million with 11 units sold in July, a 26.7 percent drop in sales. However, home prices rose in 92067  about 23 percent. Solana Beach 92075 was even worse, a disaster actually. Only two  home sold in July, down 71.4 percent  for an average price of $881,000. Del Mar? Cardiff? No change with seven single-family detached homes dold at Cardiff and six at the home of Carson Palmer, Del Mar.

Prospective homebuyers in July worried about national and international economic problems, from a potential U.S. government default to European debt to high unemployment, real estate agents said. Buyers who did enter the market bid low on houses attempting to score deals.

Meanwhile, some sellers decided to wait it out for better prices. Yet others decided to rent their houses instead of selling. But it all added up to a historically slow July.

“It was rough,” said Fred Bradley, a Rancho Penasquitos broker. “July isn’t supposed to be rough, but it was.”

The 721 houses sold in July in North County were the fewest since 1984, down 11 percent from June and 8.7 percent from last July. Rancho Penasquitos, Rancho Bernardo, Rancho Santa Fe and Carmel Valley sold 35 percent fewer homes in July than in July 2010.

Normally, summer is a real estate agent’s busiest season as people try to make purchases and move before school starts.

The median price fell to $425,000, down 5.3 percent from June and 7.6 percent from July 2010, according to the assessor records.

“I think there’s a lot of folks right now that are really concerned about the global economy,” said Brian Westre, a Rancho Bernardo broker. “Anytime markets are rocked, they start to worry about their own job.”

Overall, North County foreclosures in the first half of the year are at their lowest since 2007; mortgage interest rates are well under 5 percent; and the median price of $425,000 is at the same level it was in 2002, or 33 percent off its 2007 peak.

But prices may be too high for local buyers: Many tried to get deals with low offers.

“The buyers, by and large, are waiting for prices to go down, and sellers are waiting for prices to go up,” Bradley said. “We’re stuck in the middle.”

Some sellers are choosing to rent their houses instead of selling. The house rental market is hot, as credit-troubled residents still need somewhere to live.

“Rents are pretty good. A lot of people are renting their property out; if they have the equity, they do it,” said Sharon Johnston Mead, a Vista broker. “I’m not having any trouble renting mine, knock on wood.”

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Category : Blog &Foreclosures &How's the Market?

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