For the month of October, San Clemente real estate continues to show improved signs we are working through the glut of inventory to bring supply and demand back into balance, the key for prices to stabilize.  New listings on the market continue to show a large decrease from prior year and homes sold and under contract continue to improve month-over-month.  In addition, San Clemente average sales price continues to demonstrate its strenth relative to the rest of Orange County and California. 

New listings year-to-date are down 22.6% from the same period prior year, representing approximately 300 less homes coming on the market.  Sales, on the other hand, are up 20.5% from prior month with 53 homes sold in the month of October compared with 44 for September.  This brings the total year-to-date sales up to 510 homes as compared with 566 proior year, which is only a 9.9% decrease as compared with an 11.5% decrease prior month year-to-date.  Homes under contract at the end of the month were 40 as compared with 24 prior year-to-date, representing a 66.7% increase.  This may be an early indication of good news to come for November sales.  Lastly, the average days on market for the month of October dropped to 80 days as compared to 98 days for October 2007, representing an 18.4% decrease.  While days on market are still 10% higher than prior year-to-date, October's significant decrease indicates we are working back to historical averages.  The decrease in new listings and the average days on market coupled with the increase in homes sold and under contract are all positive indicators that the San Clemente real estate market is working through its inventory in order for prices to stabilize.

The average sales price year-to-date is $868,704 as compared with $991,835 for the same period prior year, representing a 12.4% decrease.  San Clemente real estate continues to hold on 2.5 to 3.0 times stronger than Orange County and California real estate respectively.  These sales prices on a year-to-date average are 86.6% of the original listing price and 94.1% of the final listing price before entering into contract.   

For more information on San Clemente real estate, please explore our website or contact us for a free consultation.