Happy Super Bowl week! The Chargers obviously aren't playing but two very historic franchises are, so the game should be interesting.
The article linked below from the "San Diego Union Tribune" describes recent activity in our local real estate market and the stats I'll provide shortly give additional information that is valuable to both buyers and sellers. According to them sales are down but prices in some areas are up. I have been describing this market as "A price war and beauty contest all in one" because the nicest and best priced homes go fairly quickly but anything over-priced will sit.
Detached Homes: There are currently 7,612 homes on the market vs. 7,182 last month and 5,339 in January 2010. 1,458 new escrows opened in January vs. 1187 in December and 1,562 a year ago. This gives us a 5.2 month supply of homes which puts pricing in the neutral range. There were an additional 1,889 homes that went under contract awaiting lender approval in short sales. Those could close anytime from this month to 6-8 months out.
Attached Homes: There are now 3,863 condos on the market vs. 3,673 last month and 2,591 a year ago. 749 units went into escrow in January vs. 613 the month prior and 839 a year ago. We now show a supply of 5.16 months which means prices are neutral.
The criteria we use to determine the market type are:
< 5 months of inventory = Seller's favor, prices rising to neutral
5-7 months of inventory = Neutral
> 7 months of inventory = Buyer's favor, prices soft
The numbers above are for all of San Diego county and could look very different for specific zip codes or neighborhoods, so this is very general information that should be supplemented with that local filter for anyone thinking of buying or selling a home.
Please let me know if you have any questions. If you have not visited our great new home searching site at
www.RickSellsSanDiego.info please do so.
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.
