My name is Rocky Lall and I’m a Realtor in Pacific Beach, which is in San Diego, California in the 92109 zip code. Welcome to my monthly market trends podcast for February 2009, which provides a quick summary of recent home and condo sales in Pacific Beach.
For the month of February 2009, a total of 16 residential properties sold. That’s very similar to 2008 sales numbers, in which were 17 properties sold. Of the 16 properties that sold in February 2009, 4 of them were single-family homes and 12 were either townhomes or condominiums.
One question you may have is how are February 2009 prices looking compared to February 2008. Well, for single-family homes the median price in Feb 2009 was $ 749,675, which is down less than 1% from February 2008. So priced haven’t changed that much for single-family homes.
For condominiums and townhomes, the median sales price was $405000, which is down 16% from February 2008. So that’s a big drop for condos and townhomes.
Another question many people have is how much of a price reduction can buyers and sellers expect in this housing market. Well, in February 2009, for single-family homes, on average, sellers obtained 95% of their asking price. For condominiums and townhomes, on average, sellers obtained 96% of their asking price. This suggests that properties are being priced appropriately considering market conditions.
Another question people ask is how long does it take to sell a home? Well, here is some data. In February 2009, on average, it took 143 days to sell a single-family home. Compare that to February 2008, when it took 44 days to sell single-family homes.
For condominiums and townhomes, in February 2009, on average, it took 58 days to sell a condo or townhome. Compare that to February 2008, when it took 115 days, on average, to sell a condo or townhome. So condos and townhomes sold much faster in February 2009 than Feb 2008.
You can view detailed graphs and charts of home and condo sales in Pacific Beach on my website, which is www.pacificbeachrealestate.info
Thanks for listening, and have a great day!
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