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 March 2009, which provides a quick summary of recent home and condo sales in Pacific Beach.
For the month of March 2009, a total of 22 residential properties sold. That’s very similar to 2008 sales numbers, in which 19 were properties sold. Of the 22 properties that sold in March 2009, 8 of them were single-family homes and 14 were either townhomes or condominiums.
One question you may have is how are March 2009 prices looking, compared to March 2008. Well, for single-family homes, the median price in March 2009 was $ 732,000, which is down 16.8% from March 2008. So prices have dropped quite a bit for single-family homes.
For condominiums and townhomes, the median sales price was $403,500, which is down 22% from March 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 March 2009, for single-family homes, on average, sellers obtained 94% of their asking price. For condominiums and townhomes, on average, sellers obtained 93% of their asking price. That amounts to a 6 to 7% average price reduction off the asking price.
Another question people ask is how long does it take to sell a home? Well, here is some data. In March 2009, on average, it took 102 days to sell a single-family home. Compare that to March 2008, when it took 26 days to sell a single-family home. So it’s taking longer now to sell a single-family home.
For condominiums and townhomes, in March 2009, on average, it took 52 days to sell a condo or townhome. Compare that to March 2008, when it took 42 days, on average, to sell a condo or townhome. So it took 10 days longer in March 2009 to sell a condos and townhomes compared to March 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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