La Costa Real Estate Market Update January 2014

La Costa Real Estate Market Data

January 2014


Are you interested in real estate in the the La Costa neighborhood of La Costa? Michael Gaddis, J.D. Realty Group shares the important real estate market data to allow you to make informed decisions when buying or selling homes in the area. IF you would like to learn more, please contact us via email or phone call. Contact@MichaelGaddis.com or call 760.487.8266

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La Costa Market Update Video Transcript

Hi, I’m Michael Gaddis, your local La Costa real estate expert. The other day I went to a Chamber of Commerce First Friday breakfast at La Costa resort and as I was driving over there I was just amazing enamored with the beauty of the area in which we all live. Because during my drive I was speaking to my sister who lives in southern Illinois who was telling me at the time it was two degrees and she had just shoveled 15 inches of snow out of her driveway. She text me some pictures of it and it just made me all the happier to be to a resident of this area. So it is extremely we should all be extremely proud that we live in such a beautiful area with such a great weather, even though we think it’s chilly when it’s really not.

The purpose of this video is to provide you with a market update for the La Costa area as a December 12th 2013. I plan on doing these videos once a month to try to give people a little bit inside the kind of what’s going on in La Costa area. When I pulled up the statistics from the MLS for the La Costa, the one thing that kind of caught my eye was the large number of listings that have price reductions. I guess I shouldn’t really be overly surprised by that because traditionally the winter season is the slower season so for many reasons you know people don’t want to move during the cold and they don’t want to take their children out of school. There’s a lot of reasons why. So it doesn’t really surprise me that much. It’s a little bit disappointing probably to homeowners because after the mini boom that we had this summer and an late in the fall you know a lot of people probably listen their house was a little bit greater expectations than what it was actually occurring.

Probably the volatility in the banking industry is also causing some others decreases as the banks in the lenders tighten their belt on lending, it makes a little bit more difficult for a home buyers to acquire loans and as everyone knows most people who buy houses need a loan of some sort. So unless somebody’s paying cash for your house, they’re going to be a lender who’s going to approve them and ask the bank’s tight that out, it definitely pleased to pull a buyer. So there’s a combination reasons as to probably why
there has been such so many price reductions.

When I looked at statistics, the average for all listings in the area whether it would be active, contingent, pending or sold, the average square foot the house being sold in the Costa at this moment is 2,458 square feet, the average list price for those houses is 771,923 dollars, the average sold price which is the more important of the two is 632,517 so you can see a disparity between the average list price and the average sold price. The average sold price per square foot is 286 dollars which is good really good actually, compared to even the areas in Bressi Ranch and Rancho Carrillo and such. So this the price per square foot holding pretty strong. The average days on market for listings are 51 days which is probably going to get a little bit greater in the next month or two as the winner goes on. Currently there are 75 active listings in La Costa and there are 8 contingent listings. For those who you do not know what a contingent listing is, a contingent listing is a listing that require some sort of approval in order to go through, usually a short sale. So it can also be a probate sale or something to that effect but it requires usually lender appropriate approval so we categorize those near or less as contingent.

There are currently 30 pending listings in La Costa and as from October 1st to December 12th there were 77 sold listings. Just give you an idea. I knows people are always curious to how much the most expensive house that was sold since October 1st was. There are actually two of them which were very close. 3251 Piragua street was 5,586 square feet and it’s sold for 1.547 million dollars. 7213 Almaden Ln. was 3,365 square feet and it’s sold for 1.525 million dollar. So the two top listings in La Costa were very close as far as sold price. The current active leader and listing price is 2645 Obelisco place which is currently listed for around five million dollars and it has been on the market for 76 days.

So I hope this market update help you and I look forward to providing a residents of La Costa with further updates every month. Thank you so much and again I’m Michael Gaddis. I look forward to seeing you.

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