September, as well as the 3rd Quarter of 2007, is officially history. How did we do sales-wise? Here a quick overview:
According to SANDICOR (single family detached homes), there were 17 closed escrows in the 92131 zip code during the month of September. This compares with 22 closed escrows for the same period last year. Interestingly, the average sale price, per square foot, was $324, which is identical to the same period last year. With the mortgage problems coming fully out of the closet in a big way in early August, the reduced number of sales should come as no surprise.
Year-to-date, there have been 230 closed escrows versus 244 during the same period last year (-6%). The sales price per foot dropped to $327 from last years $345 (-5%).
My (unofficial) forecast earlier this year was for an approximate 5-7% decline in average sale prices for 2007. So far, it appears that we are on track for the more optimistic side of my prediction.
Also of interest is that the number of closed escrows, year-to-date, is only off 6% when compared to last year. From 2005 to 2006 there was a 25% reduction in the total number of sales in Scripps Ranch. However, it is important to note that although the number of sales this year continues to run behind last year, the rate of decline has been substantially reduced.
Why is this important? Because the road to recovery will first be revealed by buyer confidence, which is most clearly demonstrated by the number of sales. We are not out of the tunnel, yet. But if the 2007 sales trends continue to close the gap with 2006, we might just begin to see the light in 2008.
ABOUT THE AUTHOR Steve Berg is Broker/Owner of San Diego Castles Realty. He is an awesome agent and an all-around great guy. When he is not dazzling clients, he contributes the occasional article here. 
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At the risk of violating another blog rule (not to be the first to comment on your own post), I should have also providedthe data regarding those homes that failed (at least initially) to sell. In 92131, for the period 1/1/06 through 9/30/06, there were a roughly 135 listings that expired and 82 that were cancelled. I say roughly since several homes expired multiple times. For this same period this year, 111 listings expired and 50 were cancelled. Although it remains a negative indicator, so far, 2007 is performing much better that 2006.