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April 2010 San Diego Home Sales – Get the Facts
Posted by Diane White | Leave A Comment »
Per Sandicor’s MLS statistics, resale home prices in San Diego are still climbing. Some interesting facts:
-
Average Sales Price in San Diego County
• April 2010 – $423,697 • March 2010 – $400,125 • April 2009 – $362,504
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Average Price per Square Foot
• April 2010 – $243.39 • March 2010 – $228.76 • April 2009 – $210.80
That is a 16.9% increase, or $61,193 more, for an average sales price home then one year ago! Will it continue to climb at this rate? Hard to say….the $10,000 Federal tax credit is gone, and this certainly was a factor. However, the fear of rising interest rates is motivating a lot of people to buy now rather than later. Also, investors see the value in the lower prices and are investing to resell at a higher price.
A full 78% of homes sold are under $500,000. A breakdown by price ranges is:
- Units up to $249,000 • 906 Sold • SP/SqFt – $168.76 • SP/LP 102% • DOM 75
- $250,000 – $499,000 • 1254 Sold • SP/SqFt – $236.86 • SP/LP 100% • DOM 58
- $500,000 – $749,000 • 415 Sold • SP/SqFt – $290.13 • SP/LP 97% • DOM 58
- $750,000 - $999,000 • 157 Sold • SP/SqFt – $364.59 • SP/LP 96% • DOM 68
- $1Million - $1.5 Mil • 74 Sold • SP/SqFt – $459.78 • SP/LP 95% • DOM 79
Current Status
- 10,349 Active Listings compared to 9,810 in March
- 10,914 Pending Status compared to 10,450 in March
- Average Days on the Market (DOM) • Actives 89 • Solds 66
Please contact me if you would like more information.
![sunset-banner-v2[1]](http://pictureperfectsandiego.com/files/2010/05/sunset-banner-v21.jpg)
Related Posts: Area Information, Area Statistics, Market Trends, San Diego, tax credit
1st Quarter 2010 San Diego Home Sales – Get the Facts
Posted by Diane White | Leave A Comment »
The number of sales for the 1st Quarter 2010 has declined compared to 1st Quarter 2009, however, prices have increased.
According to Sandicor/MLS statistics some interesting facts about the first three months of this year for home prices under $10 million:
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6,994 Sold Listings – 2009 had 7,238 Sold Listings
- Average Sales Price $400,125 – 2009 was $347,769 Average Sales Price
- Average Price per Sq.Ft. $235.62 – 2009 at $209.25 SP/SF
- Days on the market is about the same 67 vs. 65
Bank owned (REO) properties are still the lowest price per square feet:
- 1,901 REO Sales – $191.08 price per sq.ft. (SP/SqFt)
- 1,747 Short Sales – $204.50 SP/Sq.Ft
- 3,156 Regular Sales – $257.21 SP/Sq.Ft
Current Activity:
- 9,180 Active Listings – 2,193 are Short Sales – 764 are REO
- 10,450 are in the Pending Sale Status
- Sales Price to Listing Price is still high at 99% – 101% for REO Sales
Homes over $10 million sales are much slower:
- 45 Active Listings – 1 Pending – 1 Sold
- Average days on Market are 205
Please let me know if you would like information on specific areas or price ranges in San Diego. Reminder – to be eligible for up to $8,000 federal tax credit, you must be in escrow by April 30th! Plus there is now a California state tax credit up to $10,000. Ask for details.
![sunset-banner-v2[1]](http://pictureperfectsandiego.com/files/2010/04/sunset-banner-v212.jpg)
Related Posts: Area Information, Area Statistics, Foreclosures, homes for sale, Market Trends, Real Estate News, San Diego, Short Sales, tax credit
Affordable Loans for California Public Schools Emplyoees – Get the Facts
Posted by Diane White | Currently 2 Comments »
Do you work for, or have worked in the past, the California Public School System? If so you are most likely eligible for the CalSTRS 80/17 Loan.
Some of the highlights of this program are:
- 3% down payment
- It is a 30 year fixed interest loan broken into two loans:
- 1st is for 80%
- 2nd is for 17%
- 2nd loan is at same interest rate as first – with no payments for 5 years
- No PMI (Private Mortgage Insurance)
- Conforming 1st loan amount up to $417,000
- Non-conforming 1st loan amount up to $536,082
Eligible Properties are:
- Owner-occupied single family homes
- Approved condos
- Approved attached and detached PUD’s
Eligible Borrowers are:
- Member of the California State Teacher’ Retirement System
- Employees of a California public school district
- Employees of a California Community College
- CalSTRS employees
It is a wonderful program which gives back to those employees that make our schools systems one of the best around! Ask your lender if this loan program is for you, or let me know if you would like any recommendations.
On another and seperate note…the Federal 1st time homebuyer IRS tax credit is running out. Escrow must be opened by April 30th and closed by June 30th. Call me if you want to take advantage of a possible $8,000 tax credit.
![sunset-banner-v2[1]](http://pictureperfectsandiego.com/files/2010/04/sunset-banner-v21.jpg)
Related Posts: Buyers, Financial news, Home Loans, Interest Rates, Real Estate News, San Diego, tax credit, Uncategorized
San Diego Housing Market Trends – Get the Facts
Posted by Diane White | Leave A Comment »
San Diego’s housing market has been discussed repeatedly recently and with mixed data, forecasts and opinions.
On January 20th, the headline was “County Leads Region in Home-Price Gain.
Some of the points covered were:
- San Diego County had a 10% increase in December over 2008.
- Coastal counties typically fare better due to living preference and lack of new development.
- 35.8% of resales in December were foreclosures, up from 32.6% in Novemeber.
On January 25th the headline was “Housing Data Show County’s Ups, Downs”. On January 26th it was “Local Home Prices on the Upswing”.
Some of the points covered were:
- Starter-home market at $350,000 has stabilized and appears to be rising while inventory has decreased.
- Higher-priced properties are still eroding. (Note; not in all areas)
- San Diego prices were up for the seventh straight month.
On January 27th the headline was “Housing Prices Buck Trend”.
Click for Index
Some of the highlghts are:
- San Diego was one of only four areas nationally to see an upturn beginning late last year.
- Home prices here were up 56.1 percent from 2000.
- Even if prices dip a bit over the next few months, buyers should be aware that any interest rate hike will wipe out marginal drop in prices.
And finally on January 28th, the header was “San Diego Area Foreclosures Jump; Defaults Slump” . Observations noted include:
- Analysts see this as a stabilizing market:
- Foreclosures pave the way for purchases by financially strong buyers.
- Fewer defaults mean either a decline in distressed owners or more loan modifying.
- Banks are not moving quickly to list properties for sale – possibly hoping prices will rise.
Overall the consensus is the housing market is stabilizing. With interest rates so very low, prices still lower than they were and the tax credit that was extended to April 30th, it is a great opportunity for buyers. And with low inventory and multiple offers, it may be the right time to sell!
Click to read more of my articles.
Related Posts: Area Information, Area Statistics, Buyers, Financial news, Foreclosures, Market Trends, Real Estate News, San Diego, Sellers, tax credit
Where is San Diego’s Housing Market Going? – Get The Facts
Posted by Diane White | Currently 3 Comments »
Where is San Diego housing market going in 2010? Many “experts” think continued expansion, others are hesitant. However, they all seem to agree on the following positives:
- Prices have gone up over most of San Diego County.
- Inventory is still low with 8,120 active detached & attached listings
- Builders are still holding off – only 2,900 permits pulled in 2009 which is the lowest since World War II. Eventually this will create a shortage again.
- San Diego’s economy is well diversified.
- Interest Rates are still very low…its unknown how long this will continue.
See the Residential Weekly Stats provided by Sandicor MLS:
Click for Report
There are still some downsides to consider:
- More foreclosures are coming. Although banks are not releasing them by mass amounts, there are sure to be more.
- There are over 30,000 NOD’s filed (Notice of Default). Until banks get much better at making short sales a priority, and modifying loans, many of these will go into foreclosure.
- There are still ARM’s (adjustible rate mortgages) that will be due.
The Union Tribune wrote an interesting article on the the housing market, Click to read: Housing Picture not all Gloomy
From what I see being in this industry, several things I think are positive indicators
- MLS reports 405 sales in the last 30 days of homes priced between $500,000 – $1,000,000.
- Sold prices in this price range average 96% of the listed price.
- Multiple offers are still the norm, even in higher priced homes, and often they are sold over the listed price.
- The 1st time buyer tax credit was extended until April 2010 and now includes home owners who have lived 5 out of the last 8 years.
- San Diego is still one of the greatest places to live!
Please let me know if there is specific information that you would like.
![sunset-banner-v2[1]](http://pictureperfectsandiego.com/files/2010/01/sunset-banner-v21.jpg)
Related Posts: Area Information, Area Statistics, Buyers, Foreclosures, Market Trends, San Diego, tax credit
