Following is my summary of last month's real estate activity in San Diego county. Keep in mind my normal caveat, i.e. real estate is HIGHLY LOCAL and that the market in other areas could be very different from ours. In fact, the market in different areas of our own county vary from zip code to zip code and neighborhood to neighborhood.
Our market is virtually unchanged from last month. We now have about 4.9 months of inventory for detached homes and 4.6 for attached (condos). When we add the number of "contingent" short sales into the mix that number drops to 2.17 months for detached and 1.61 for attached. Generally speaking, less than 5 months of inventory is considered a seller's market with prices strong, 5-7 months is neutral and more than 7 months favors the buyers.
Rather than go into a narrative about the numbers I am including the chart below. At the bottom of this note you will find links to various articles that were written about real estate in general or our market specifically recently.
| San Diego Monthly Real Estate Summary |
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Active Now |
Active Last Month |
Change |
New Escrows This Month |
New Escrows Last Month |
Change |
Months of Supply Now |
Months of Supply Last Month |
Change |
| Detached |
8,378 |
8,132 |
246 |
1,703 |
1,645 |
58 |
4.92 |
4.94 |
-0.02 |
| Attached |
4,080 |
3,916 |
164 |
871 |
858 |
13 |
4.68 |
4.56 |
0.12 |
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| Contingents |
New This Month |
New Last Month |
Change |
Cont + Pending |
MOS C+P |
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| Detached |
2,149 |
2,345 |
-196 |
3,852 |
2.17 |
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| Attached |
1,669 |
1,771 |
-102 |
2,540 |
1.61 |
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| 9/1/2010 |
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| Market Types: |
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| < 5 months of supply: Seller's market, prices rising |
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| 5-7 months of supply: Neutral market |
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| >7 months of supply: Buyer's market, prices falling |
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Here are the links I mentioned:
Have a great holiday week end and don't hesitate to call or email me if you have questions or need anything.
Rick Ungar is a Certified Distressed Property Expert, solving the foreclosure issue one homeowner at a time. Contact us today to learn about the best options to preserve your credit and buy again soon.
