San Clemente Real Estate Market Continues to Outperform the National Market
While national home prices posted record 15.2% year-over-year decline in April extending the current downfall in prices to 21 straight months, San Clemente real estate has done better than the national and regional markets.
San Clemente on a median home price basis has fallen approximately 14% year-over-year, however, on a price per square foot basis the prices have fallen approximately 4%. San Clemente being a coastal area has experienced far fewer foreclosures compared to the Inland Empire and Los Angeles. Prices in Los Angeles based on the S&P CaseShiller Index published on CNN have fallen 23% year-over-year or 9% more than San Clemente. The Inland Empire has experienced a glut of foreclosures and many homebuilders are still trying to clear inventory in this market resulting in more downward pressure on home prices. While these markets are still recovering and will be for a while, San Clemente should recover more quickly as there are fewer foreclosures and only a couple of new communities in Talega with homes for sale. This means less inventory to clear which would bring supply and demand back into balance more quickly.
