For the month of August 2008, San Clemente real estate price declines have slowed, sales have picked up, and less inventory came on the market providing some hope that the bottom could be in sight. 

San Clemente real estate average sales price for August 2008 was $897,253 compared to $998,904 last August, representing a  decrease of $101,651 or 10.18%.  The month-over-month decrease from July to August is 0.82% or an annual figure of 9.84%, which indicates a slight improvement for prices not falling as quickly.  Year-to-date, the average sales price as a percent of the original listing price is 87.18% and 93.94% for the adjusted listing price and approximately the same with prior year.  San Clemente real estate, however, continues to outperform the Orange County and California real estate market as prices here have remained 60% stronger.

In the month of August, there were 54 San Clememte homes and condos sold, the same for August 2007, indicating that sales are stabilizing with the prior year as total sales for the year are down 16.25%.  At the end of August, San Clemente real estate included 38 properties under contract, an increase of 280% for the same period from last year. 

New listings for San Clemente homes and condos for sale for August 2008 versus 2007 decreased 28.99%, meaning that inventory is not building up as quickly.  Also, the ratio of new listings to sales has dropped drastically for the month of August compared to prior year, which is great news. 

Obviously the San Clemente real estate market still needs to clear the glut of foreclosures and short-sales, see fewer properties come on the market, and see an increase in sales to historical averages before a full recovery will occur.  Nevertheless, there are some great deals to be had for buyers who have the patience to shop.

For more information on San Clemente real estate, please contact us.