San Clemente Real Estate Sold Up 24%, Median Price Down 15% in 2009
For the year-ended December 31, 2009, San Clemente real estate sold was up 24% compared to 2008, suggesting that more buyers are priced into the market and believe that price points on many homes are at fair market value. 768 San Clemente homes and condos were sold in 2009 as compared to 620 in 2008, bringing sales back towards historical averages of 800-850 homes and condos per year.
The median price for San Clemente real estate sold fell to $707,242 in 2009 as compared to $832,801 in 2008. Much of this decline is attributed to continued market adjustments, however, another big chunk is due to the types of homes sold. Throughout 2009, far fewer homes were sold for over $1 million as much of the inventory that cleared the market were short-sales and foreclosures, most of which were concentrated in the $300,000 - $700,000 price range.
Total homes on the market at the end of the year, including a bulk of which are pending sales or in back-up offer status, was approximately 530. Based on 2009 sales, this leaves total inventory in the San Clemente market a little over 8 months. Backing out short-sales that are pending or in back-up offer status, adjusts this level closer to a historically stable market level of 5-6 months of inventory.
The average days on market at the end of 2009 was 106, slightly above the 60-90 day range that suggests a stable market. If short-sales begin to clear the market at a quicker pace in 2010 and not take the typical 6 months or more to get to closing, then we should see the average days on market adjust back to historical levels possibly by spring or summer.
At the end of the year, there were 40 San Clemente homes and condos under contract, as compared to one in 2008, suggesting that January 2010 sales will be much stronger than 2009 and representing a solid indicator of a continued recovery in 2010.
For more information on how the San Clemente or Talega real estate market is performing as well as to be kept up to date on recent sales in your neighborhood, please do not hesitate to contact us.
The information above is deemed reliable but not accurate and should be independently verified. San Clemente Coastal Living is not giving any investment advice in the statements made above.
