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Whither
House Prices
Actually, there is some good news for homeowners. For the first time since June of this year, there was an increase in prices in North County. Compared to November, there was a 4.75% increase in the median price of detached homes, and a 16.67% increase in the median price of attached homes. The number of homes sold increased by 19.69%. The good news for buyers needing financing is that interest rates continue at record lows, with well-qualified buyers able to take advantage of the combination of low rates and low prices. What about Del Mar specifically? Sales at the high end of the market are comparatively few. The small number of property sales in Del Mar makes it impossible to draw conclusions using median prices. As an example, in December 2008, there were only 3 detached properties sold in the entire 92014 zip code. The midpoint price was $840,000, showing a decrease of 39% from December 2007. November, on the other hand, had 5 sales with a midpoint of $1.5M and a decrease of only 7% from November 2007. Check October, and you will find 6 sales and a midpoint of $2.25 million, an increase of 97% from October of 2007. (All of the above information is from the North County Association of Realtors Homedex TM Report). Clearly,
the Del Mar numbers
are a far cry from the
$375,000 median price
of detached homes in
North County. At the
end of the day, we have
to remember that the
price of a home is dependent
on recent sales of comparable
properties, what else
is available in the
price range, and what
a qualified buyer is
willing to pay.
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It
is hard to believe