The data below provides a comparison of sold properties between Q1 2010 and Q1 2009 for the community of Pacific Beach, San Diego, California.  Data for this same period is also provided below looking only at detached single-family homes, and then just at condominiums and townhomes.

ALL PROPERTIES SOLD

For all sold properties listed in the San Diego MLS (known as Sandicor, Inc.), there was a 27% increase in the number of properties sold in Q1 2010 compared to Q1 2009.  The average price of sold properties dropped 10.9% in Q1 2010 compared to Q1 2009, and the median price dropped 17.3% in Q1 2010 compared to Q1 2009.  However, the average price per square foot of all sold properties remained relatively the same showing only a .38% gain in Q1 2010 compared to Q1 2009. Additional statistics for all sold properties is provided below.

DETACHED SINGLE-FAMILY HOMES

Looking only at detached single-family homes that sold through the San Diego MLS (known as Sandicor, Inc.), there was a 19% increase in the number of homes sold in Q1 2010 compared to Q1 2009.  The average price of sold homes dropped 15.3% in Q1 2010 compared to Q1 2009, and the median price dropped 5.2% in Q1 2010 compared to Q1 2009.  The average price per square foot of all sold homes dropped 15.9% in Q1 2010 compared to Q1 2009. Additional statistics for all sold homes is provided below.

Looking only at condominiums and townhomes that sold through the San Diego MLS (known as Sandicor, Inc.), there was a 31% increase in the number of condominiums and townhomes sold in Q1 2010 compared to Q1 2009.  The average price of sold condominiums and townhomes dropped 4.2% in Q1 2010 compared to Q1 2009, and the median price dropped 22% in Q1 2010 compared to Q1 2009.  The average price per square foot of all sold condominiums and townhomes increased 9.8% in Q1 2010 compared to Q1 2009. Additional statistics for all sold condominiums and townhomes is provided below. 

TRENDS

Looking specifically at the data for detached single-family homes and the data for condominiums and townhomes, there are two clear trends. More properties sold in Q1 2010 then Q1 2009. Second, prices were down 5% to 15% for single-family homes, and 4% to 22% for condominiums/townhomes.

Please contact me if you have any questions about home pricing trends in Pacific Beach, San Diego.

Total Residential Properties Sold = 25

Detached single-family Homes 

• 8 homes sold
• The highest-priced home sold was $1,435,000
• The lowest-priced home sold was $445,000
• The average price of sold homes was $751,937
• The median price of sold homes was $672,750
• On average, homes took 97 days to sell
• On average, seller’s obtained  92% of their asking price
• The average price per square foot was $520.51

Condominiums and Townhomes

• 17 condos or townhomes sold.
• The highest-priced condo/townhome sold was $1,050,000
• The lowest-priced condo/townhome sold was $225,000
• The average price of sold condos/townhomes was $417,617
• The median price of sold condos/townhomes was $319,500
• On average, condos/townhomes took 128 days to sell
• On average, seller’s obtained 97% of their asking price
• The average price per square foot was $465.18

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

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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