San Clemente Real Estate Market Performance - 2000 to Present
At San Clemente Coastal Living, we thought it was time to give all of you current and potential San Clemente real estate buyers or sellers a snapshot of the market’s performance from 2000 to present. First, however, it would be appropriate to bring a few facts to light about the San Clemente real estate market’s performance against the county and state as everyone needs to realize that real estate markets are very local.
The San Clemente real estate market, being a coastal market, has held its ground when compared to the year-over-year price change for Orange County and California real estate. The San Clemente real estate average selling price is down 10.97% from its high in 2006 or 8.76% over the past year. On the other hand, Orange County real estate over the past year is down 26.6%. Even worse, California is down 35.3% for single family residences and 19.8% for condos. Clearly, San Clemente real estate has held its ground, and we hope this helps ease the nerves of potential buyers sitting on the fence.
While prices have held strong in the San Clemente real estate market, there are a few things that need to come back into balance before a full recovery occurs. First, average days on market (DOM) is currently 102 days, or 42 days above the 2000-2008 average of 60 days. Secondly, sales in 2008 are off by 34.57% from the eight year average of 886 per year. Lastly, there is approximately 600 housing units currently on the market representing around 12 months of supply based on sales to date in 2008. In order for the San Clemente real estate market to make a full recovery, inventory needs to return a historical average of 6-7 months, fewer listings need to come on the market, and sales need to return to average levels.
While this might make you nervous, remember the fact that the San Clemente real estate market has held its ground and that there are some great deals on San Clemente homes and condos for sale if you have the patience to shop as some homes are priced to sell quickly well below comps in the market. When the market does turn, a lot of these deals by sellers to get their homes off the market will quickly go away and you may find yourself wishing you had purchased a couple months prior. For more information, please explore our website or contact us today.
