This Sunday brings the annual fireworks display off the San Clemente Pier commemorating the Fourth of July.  The yearly tradition is a favorite amongst San Clemente residents as the fireworks are truly spectacular and can be seen from all over the city.  The Central area of town gets incredibly crowded during the buildup to the show, which starts at 9pm; my advice is to get there early and relax on the sand.  The City of San Clemente has posted information on street closures on Sunday, mostly on Avenida Del Mar and Avenida Victora.  Barricades will be put up at noon, which will only allow residents in these select neighborhoods to pass with proper ID; the roads will then close to all cars at 7pm.

As always, San Clemente Coastal Living wishes you a very happy and safe Fourth of July!

The City of San Clemente gave the final approval for a new Target to be located at Avenida La Pata and Avenida Vista Hermosa near the development of Talega.  The Target plan consists of 142,206 square feet of retail space and will be located directly across from the new sports park under development.  Target has indicated that they plan to open the store in winter of 2011.  For more information, please visit the City of San Clemente.

The San Clemente real estate market as of May 31, 2010 as compared to May 31, 2009 year-to-date continues to show drastic improvements over prior year as home sales are up 31.5% and the average selling price shows a slight increase of 3.7% to $702,500 from $677,278 last May. 

At the end of May 2010, there were 65 San Clemente homes and San Clemente condos under contract as compared to two as of May 31, 2009.  While some of this increase can be attributed to deals that got into escrow prior to the end of the first-time homebuyer tax credit on April 30th that have yet to close, a lot of it has to do with buyers feeling more comfortable with the market stabilizing and this will be a solid indicator to track over the busy summer months.

The inventory on the market currently stands at about 6.5 months and average days on market (DOM) at 114, which is slightly above what indicates a stable market of 5-6 months of inventory and 60-90 days on market.  This number, however, is distorted due to the processing lag that banks have with pushing short-sales through the market as 30% of the current inventory is distressed property.  While this number may appear alarming, it is by no means in the 40-50% range that some inland markets are experiencing and everyone should be aware that there is a lot of competition in the market as most distressed properties have multiple offers.

To find out what sales have been like in your neighborhood and overall market conditions, please feel free to give us a call at (949) 281-5441 or contact us via email.