31 Dec Pacific Beach Real Estate
Pacific Beach is the most popular beach in San Diego, CA. It has wonderful oceanfront beaches as well as a residential community and homes for college students. The community extends around 3 miles along the Pacific Ocean. Pacific Beach provides dining adventure being home to many ethnic restaurants, inviting you to experience new taste sensations. Also, there are sports bars, nightclubs, pubs and coffee houses abound.
Here is some history on Pacific Beach. When two transcontinental railroads to Southern California were finished, land developers and speculators moved in. The first subdivision map of Pacific Beach was platted and put on the market in October, 1887, by the Pacific Beach Company. The 1887 map included more than two square miles of territory. The tract ran two and a half miles east from the ocean, and a scant mile north from the curve of False Bay (now Mission Bay) to present-day Loring Street. New subdivisions were sprouting like mushrooms all over the city and county.
This is a discussion on the sales prices of homes sold recently as compared to last year. In the past 90 days, there have been 23 homes that have sold and closed escrow in Pacific Beach, CA. These homes range in prices from a low of $415,000 for a 1 bedroom, 1 bath, and 570 square foot home on Missouri. With a high price of $5,900,000 for a 4 bedroom, 4 baths, and 3,100 square foot home on Ocean Front Walk. The average sold price is $1,177,434 the average price per square foot is $568.29 and the average days on market are 86 days. Sales price compared to list price is 95%.
During this same 90 day period last year, there were 28 homes that sold and closed escrow in Pacific Beach, CA. These homes range in price from a low of $376,000 for a 2 bedroom, 1 bath, and 844 square foot home on Glendora St. Up to the high price of $1,320,000 for a 4 bedroom, 4 baths, 3,066 square foot home on La Marquee St. The average price of these sold homes one year ago was $851,917 and the average price per square foot was $532.75. Also, the average days on the market were 62 days. Sales price compared to list price is 94%.
Comparing these figures to the current market are the following; the average price increase by 27% and the average price per square foot increase by 6%. Comparison on the number of sales decreased by 17%.
The prices have increased significantly, compared to the rest of the market, high inventory and increase in foreclosures. The decrease in sales activity shows demand decreased probably due to the news on Wall Street. For the Pacific Beach area shows there has been an increase of appreciation and stablaization.