San Diego Home Sales Increase Continues – Get the Facts
Posted by Diane White | Visited 914 times, 1 so far today | Currently 4 Comments »
There is still evidence that the number of sales are continuing as well as a stabilization or even increases in sales prices.
As of June 15, 2008, per MLS Statistics, there are:
- 9,292 Active Listings *
- 3,296 Short Sales Pending – waiting for bank approval *
- 7,290 Pending Sales (in escrow)
- 1,114 Sold
*Short Sales Pending used to be included in the Active list until bank approval. Inventory is down by over 600 from April 30th.
Average Sales/Sold Prices are up everywhere except South County.
Average Sales Price and Average Price Per Square Feet are:
- North Co Coastal = $617,690 - $292.00 sq.ft.
- Metro Area = $335,53 – $270.29 sq.ft.
- North Co Inland = $387,562 – $193.68 sq.ft.
- East County = $262,601 – $172.74 sq.ft.
- South County = $369,248 – $210.88 sq.ft.
Another interesting fact is 30% of solds so far this June are cash transactions, and they are paying higher prices as well.
- Cash = $356,689 – $212.16 sq.ft. 100% of A/P
- Conventional = $491,110 – $259.48 98% of A/P
- Government = $281,425 – $187.72 101% of A/P
Will this trend continue? There are both positive signs…and there are also concerns. Some things to consider:
- Foreclosures and Bankruptcy filings are up
- Mortgage rates are rising
- Unemployment is still high
On the other hand:
- Inventory is lower
- There is still a pent up demand
- San Diego according to the Human Capital Institute, ranks San Diego as No.2 for the best place to work.
Taking the above into consideration, our climate and our more “affordable housing”, we will probably see a growing population.
We are expecting an influx of more REO’s (foreclosures) next month. If you want to take advantage of this, get lender approved now! If prices continue to increase as they have been, this may be the last of the bottom…be ready!
We all are hoping for better home sales in June and July. Maybe the tax credit will help. I am staying positive. Our Home Inspection business is up 25%. Many of the guys that didn’t have the customer base we do have fallen off the radar.
I am going to place your link on Twitter so others can follow your blog.
David Founder of
HomeInspectionsServices.org
Thank you David, and I agree, the tax credit will help many buyers. Staying positive is a good thing!
what i would like to know is where are the houses that the banks are to sell after they got bailed out? why is there so much dirty buisness going on now and houses are being sold back to the listing agent? is there any honest agents out there that can get a deal done and a house sold without kickbacks, and look out for the first time home buyer? if you know of anything that you could share with me and help get an honest first time home buyer a home, great, i have my loan ready to go, conventionl, no debt, great credit, still i can’t get to make offers that get looked at even 10K above the asking price, i was told that the agent never even called back, you can not imaging all the bad stuff i hear about the realtor, so like i said any honest person that is a go getter, let me know, thanks
Monique,
I’m sorry not to reply sooner…had a family emergency that distracted me.
Your story is a common one. There are so many buyers in the lower price range, including people like you trying to buy their first home as well as investors.
As far as honest agents…I believe most of us are. We are working much harder than ever before because of this market. It is no longer write one offer for a client and you have a sale. Its writing many many offers for your clients before one is accepted.
My advice is to keep looking and perhaps look at homes that are lower priced than you are qualified so that you can compete with offers over the asking price. Try not to get too discouraged and keep going for it!