With the mid-year 2012 turning of the corner in the housing market in San Diego County, demand for housing and residential land along the North County Coastal region has heated up quickly. Among the 15 actively-selling developments featuring new single family detached housing, the rate of absorption is approaching an average of three sales per month per development. Most of these developments offer lots averaging between 4,000 and 6,000 square feet with approximately a third of them featuring quarter-acre lots. New home prices range from the high $500,000’s to $1,350,000, for unit sizes spanning from approximately 2,000 to 4,650 square feet. Seller incentives are falling and are typically in the one to three percent range. At the same time, new home prices have begun to rise and average approximately 1.2% higher per development than a year ago at this time. In early September 2012, there were approximately 90 remaining new single family detached homes available for sale along the north coast. This is equivalent to about two months of supply given the current pace of absorption among the actively-selling developments.
Consequently, this robust recovery in the new homes market has elevated subdivision land prices. Land Advisors Organization has seen recent subdivision land sales in the North County Coastal regions capturing prices equivalent to finished lot values spanning from approximately $425,000 for 6,000 square foot lots, up to $620,000 for quarter acre lots. Taking advantage of this market momentum Land Advisors Organization’s San Diego Team are currently marketing two outstanding coastal properties for sale: Quail Meadows – an approved tentative tract map for 33 quarter acre lots in Encinitas and Meadowlark Canyon another 33 lots averaging over 5,000 square feet each. The Meadowlark Canyon site is located in San Marcos, near that cities’ border with neighboring Carlsbad. Team San Diego will also soon be marketing an ocean close property in North Coastal San Diego in concert with Land Advisors Organization’s outstanding Orange County Team. Details regarding this trophy property will be released in early October 2012.
Source: Bob McFarland, Marketing Consultant, (858) 568-7428 ext. 12