For the month of September, San Clemente real estate continues to show signs we are working towards a bottom.  New listings on the market continue to show a steep drop and home sales are approaching 2007 sales volume based on San Clemente homes and condos sold and under contract at the end of the month.

For the year, new listings on the market are down 23.8% from prior year.  This is great news as inventory is not building up as quickly, which helps to alleviate some of the downward pressure on home prices. 

Average sales price year-to-date for San Clemente real estate is $880,826 as compared to $995,776 prior year, representing a 11.5% decrease.  Buyers and sellers should keep in mind that Orange County and California real estate have faired much worse over the past year with price drops over 25% and 35% respectively.  While the San Clemente real estate market has been subjected to the correction, prices have held on much stronger indicating that demand for housing in this market is clearly above the county and state averages. 

Year-to-date, there have been 454 San Clemente homes and condos sold as compared with 513 prior year, representing a decrease of 11.5%.  While sales are still down with prior year, it should be noted that in August sales were down much more from prior year at approximately 16.3%.  This change is due to September 2008 sales of 44 compared with 33 for September 2007 or a 33% increase.  October could show signs of improvement over prior year as well as homes currently under contract at the end of September are 39 as compared with 25 prior year, representing a 56% increase.  October sales, however, may not fare as well depending on how the financial crisis impacts the market, how quickly the government's bailout plan could begin taking effect, and how consumer behavior will be effected by all of this.

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