Total Residential Properties Sold = 378

Only Detached single-family Homes = 130

• The highest-priced home sold was $3,600,000
• The lowest-priced home sold was $342,000
• The average price of sold homes was $888,702
• The median price of sold homes was $753,000
• On average, homes took 75 days to sell
• On average, seller’s obtained  95% of their asking price
• The average price per square foot was $527.81

Condominiums and Townhomes = 248

• The highest-priced condo/townhome sold was $2,350,000
• The lowest-priced condo/townhome sold was $127,900
• The average price of sold condos/townhomes was $478,253
• The median price of sold condos/townhomes was $434,500
• On average, condos/townhomes took 85 days to sell
• On average, seller’s obtained 97% of their asking price
• The average price per square foot was $432.93

If you have questions about real estate sales trends in Pacific Beach, then please contact me using the form below. 

WHY USE THE AVERAGE PRICE PER SQUARE FOOT

The average price per square foot calculation is used because it allows us to make comparisons between different types and sizes of homes. The price per square foot is calculated by dividing the square footage of a home, by the home’s sales price. For example, if a home has 2,000 square feet and sold for $300,000, the average price per square foot is $150 ($300,000 / 2000 = $150). In other words, each square foot of the home cost $150. If we expand this approach to all the homes that sold in a particular neighborhood within a specific period of time, we can then compute an average price per square foot for that neighborhood. For example, if 3 homes sold for $300,000 each in a neighborhood in January 2009, and home 1 had 2,000 sq ft., home 2 had 2,200 square ft., and home 3 had 2,400 square ft., we then get an average price per square foot of $136.36 ($900,000 / 6,600 sq ft = $136.36).

The average price per square foot allows us to evaluate the price of any home. For example, if a home comes on the market in the same neighborhood as the homes above, with a $200 per square foot asking price, this home is substantially higher than other homes that sold in the example above. There may be good reasons for why this home is more expensive, such as it may have more upgrades, a large lot, a pool, etc. However, if the home is similar in size and quality to other homes in the community, then a $200 per square foot asking price would not be justified.

TOTAL PROPERTIES SOLD

For all residential properties sold from January through December 2009, the average price per square foot (APPSFT) metric is down from 2008. For example, the APPSFT for residential properties that sold from January to December 2009 was $465.50. The APPSFT for the same period in 2008 was $532.45. This represents a 14.3% decline. The graph below provides a month-by-month analysis. The solid red line shows the APPSFT month-by-month for 2008, while the dashed red trend line shows that the APPSFT decreased slightly from early 2008 to late 2008. The solid blue line shows the APPSFT month-by-month for 2009, while the dashed blue trend line shows that the APPSFT remained consistent for most of 2009, but had an uptick in the last month of the year.

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DETACHED SINGLE-FAMILY HOMES

Looking only at detached single-family homes sold from January through December 2009, the average price per square foot (APPSFT) metric is down from 2008. For example, the APPSFT for detached single-family homes sold from January to December 2009 was $527.81. The APPSFT for the same period in 2008 was $620.63. This represents a 14.9% decline. The graph below provides a month-by-month analysis. The solid red line shows the APPSFT month-by-month for 2008, while the dashed red trend line shows that the APPSFT stayed consistent throughout 2008. The solid blue line shows the APPSFT month-by-month for 2009, while the dashed blue trend line shows that the APPSFT decreased from early 2009 to late 2009.

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CONDOMINIUMS AND TOWNHOMES

Looking only at condominiums and townhomes sold from January through November 2009, the average price per square foot (APPSFT) metric is down from 2008. For example, the APPSFT for condominiums and townhomes sold from January to December 2009 was $432.93. The APPSFT for the same period in 2008 was $486.19. This represents a 10.9% decline. The graph below provides a month-by-month analysis. The solid red line shows the APPSFT month-by-month for 2008, while the dashed red trend line shows that the APPSFT increased slightly from early 2008 to late 2008. The solid blue line shows the APPSFT month-by-month for 2009, while the dashed blue trend line shows that prices stayed consistent during 2009, but then had an uptick in the last 2 months of 2009.

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WHY IS THE MEDIAN PRICE USED  

The median price is the price point that falls in the middle of all the properties that sold during a period. For example, if three homes sold with prices of $300,000, $,400,00, and $500,000, the median price is $400,000. The median price is a commonly used metric in real estate evaluation. The median price is used because it is less susceptible to biases caused by the sale of very expensive or very inexpensive properties.  

TOTAL PROPERTIES SOLD  

For all 378 properties sold from January through December 2009, there was a 11.6% drop from the median price in 2008 ($600,000) to the median price in 2009 ($530,000).  The graph below provides a month-by-month analysis. The red line shows month-by-month median prices for 2008, while the blue line shows median prices for 2009. The green line shows the pricing trend for 2009, which indicates that median prices have increased slightly from early 2009 to late 2009.  

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DETACHED SINGLE-FAMILY HOMES  

Looking only at the 130 detached homes that sold from January through December 2009, there was a 4.1% drop from the median price in 2008 ($785,000) to the median price in 2009 ($753,000).  The graph below provides a month-by-month analysis. The solid red line shows month-by-month median prices for 2008, while the solid blue line shows median prices for 2009. The dashed blue and red lines shows the pricing trends for 2008 and 2009, respectively. 

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 CONDOMINIUMS AND TOWNHOMES 

 Looking only at the 130 attached townhomes and condos that sold from January through December 2009, there was a 10.1% drop from the median price in 2008 ($483,750) to the median price in 2009 ($434,500). The graph below provides a month-by-month analysis. The sold red line shows month-by-month median prices for 2008, while the dashed red line shows that the median price decreased from early 2008 to late 2008. The sold blue line shows month-by-month median prices for 2009, while the dashed blue line shows that the median price increased from early 2009 to late 2009.  

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Source: Source data obtained from Sandicor, Inc.  

SALES TREND

Despite the economic downturn, the number of sold properties in Pacific Beach, San Diego, has remained consistent from 2008 to 2009. The graphs below provide detailed data for the total number of properties sold, as well as a breakdown of sold single-family homes, condominiums and townhomes.

TOTAL PROPERTIES SOLD

The graph below provides month-by-month data showing the number of properties sold in 2008 and 2009. A total of 377 properties sold from January to December 2009. 336 properties sold in 2008 during the same period.

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CONDOMINIUMS AND TOWNHOMES

Of the 377 sold properties in 2009, 248 of them were condominiums or townhomes. 220 condominiums or townhomes sold during the same period in 2008. The graph belows shows the number of condominiums or townhomes that sold each month in 2008 and 2009.

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Source: Source data obtained from Sandicor, Inc.

 

Total Residential Properties Sold = 39

Detached single-family Homes 

• 17 homes sold
• The highest-priced home sold was $3,600,000
• The lowest-priced home sold was $585,000
• The average price of sold homes was $1,029,379
• The median price of sold homes was $792,000
• On average, homes took 91days to sell
• On average, seller’s obtained  94% of their asking price
• The average price per square foot was $596.40

Condominiums and Townhomes

• 22 condos or townhomes sold.
• The highest-priced condo/townhome sold was $2,350,000
• The lowest-priced condo/townhome sold was $127,900
• The average price of sold condos/townhomes was $587,927
• The median price of sold condos/townhomes was $450,000
• On average, condos/townhomes took 115 days to sell
• On average, seller’s obtained 97% of their asking price
• The average price per square foot was $508.51

If you have questions about real estate sales trends in Pacific Beach, then please contact me using the form below. 

Source data from Sandicor, Inc.