Archive for the 'Area Statistics' Category
Well, San Diego County home sales have not slowed down. September 2008 shows 3,937 Resale Homes are in escrow as of September 30th.
If you take a look at Sandicor’s Statistic Report for last month below, we have currently:
- 11,370 Active Listings in San Diego County
- 3,937 Listings that are Pending (in escrow)
- 1,627 Listings that closed escrow in September
September San Diego County Statistics
Some other very interesting notes:
- DOM (days on market) have decreased from August’s average of 76 days to 65 in September
- SP/LP (sales price to listing price) is now 104% – 4% over asking price.
There are 2 reasons for the SP/LP being over the asking price. One is that bank owned properties are being priced low, which is causing multiple offers and bidding wars. The second reason, in my opinion because I am out there every day, is supply and demand. And it is not just bank owned and short sale properties that are getting multiple offers, I’m seeing it in regular sales as well.
So where did most of the activity take place? Here are statistics from two areas of San Diego County.
San Diego Central Statistics
North County Coastal has 2,029 Active Listings, 555 Pending, and 302 Sold Listings
San Diego Central (from Downtown to UTC) has 1,435 Actives, 605 Pendings and 247 Solds.
Statistics for other areas including:
- Southbay – 1,987 Active, 916 Pending and 259 Sold
- North County Inland – 1,061 Active, 402 Pending and 184 Sold
- East County – 1,371 Active, 589 Pending and 245 Sold
I will be doing further analysis on what is happening with home sales in the county…so please let me know if there are particular areas that you would like me to include.
Related Posts: Area Information, Area Statistics, Buyers, Cardiff, Carlsbad, Carmel Valley, Del Mar, Downtown, Encinitas, Foreclosures, La Costa, Leucadia, Market Trends, Oceanside, Rancho Bernardo, San Diego, San Marcos, Sellers, Short Sales, Solana Beach
As always, my intent is to keep you informed as to what is really happening in the San Diego County housing market. First is a look at the San Diego County Home Sales Report for sales that were recorded in August 2008, published by Data Quick.
Click on the Sales San Diego County August 2008 image to view the full report
Looking at this briefly you would think the market is very gloomy indeed. However, here are some interesting notes:
- Median Sales Prices for Detached Homes were up over last month in 39% of the zip codes including Hillcrest/Mission Hills, Mission/Pacific Beach, University City, Mira Mesa, Carlsbad 2008, and Solana Beach.
- Detached Home Sales were up for the 2nd month in a row in the communities of Rancho Penasquitos, Rancho Bernardo East, Del Mar and Encinitas.
- Median Sales Prices for Attached Homes were up over last month in 33% of the zip codes including Mission/Pacific Beach, Clairemont, University City, Mira Mesa, Sorrento Valley, and Carlsbad 2009.
- Attached Home Sales were up for the 2nd month in a row in Downtown and Carlsbad 2008.
More notable is the fact that these figures reflect the homes that closed escrow in August without reflecting the actual home sales that went into escrow (Pending). See the Statistics from Sandicor, which include resale home only, below:
San Diego County Detached Statistics 9.23.08
San Diego County has 4,086 single family detached homes currently in escrow as of 9/23/2008! To put that in perspective, note that there are only 11,559 active listings…at the current activity that is 3 months inventory.
San Diego County Attached Statistics 9.23.2008
San Diego County Attached Homes has 2,307 homes in escrow. Putting that in perspective, there are 5,559 listed attached homes…again, less than 3 months inventory.
This totals to close to 6,400 homes that are currently in escrow. Wouldn’t you agree that the market has changed? Just the factor of supply and demand is enough evidence of a turnaround.
I would be glad to provide you more detailed information on areas, cities and neighborhoods for you. Just post a reply, send an email or give me a call and I’ll provide you a customized Just the Facts report.
Related Posts: Area Information, Area Statistics, Buyers, Cardiff, Carlsbad, Carmel Valley, Del Mar, Downtown, Encinitas, La Costa, Leucadia, Market Trends, Oceanside, Rancho Bernardo, Real Estate News, San Diego, San Marcos, Sellers, Solana Beach
Even the Union Tribune is calling it “A housing flip-flop”. San Diego went from being 39.1 percent overvalued in 2005 to 17.2 percent undervalued in 2008. Click here to read the full article Or read the report by Global Insight and see for yourself!
Some feel that prices will still decline by another 10%, I don’t know if I agree with that. We are having an enormous amount of multiple offers, and offers over the asking prices, and not only on bank owned properties. The word is out….San Diego is a great place to live and to buy a home!
Wow, what a dramatic change a month can make! I knew there was more activity because I am out there showing homes and have been running into multiple offer situations on a regular basis, especially for bank owned properties. But even I was surprised at the number of homes that went into pending last month. (NOTE: The following statistics are from Sandicor.com)
August 2008 San Diego County Activity
Compare August to what happened in July.
July 2008 San Diego County Activity
August 2008 North County Coastal Activity
Compare August to July’s activity.
July 2008 North County Coastal Activity
North County Coastal pending sales more than tripled!
- Metro San Diego pending sales went from: 276 to 647
- North County Inland pending activity: 134 to 316
- South Bay Area pending sales activity: 311 to 675
In checking some specific areas, the actual amount may not sound like much until you figure the percent:
- Carlsbad went from 30 to 122 – 406% increase
- Carmel Valley from 6 to 44 – 733% increase
- Encinitas from 12 to 49 – 408% increase
- UTC/Sorrento area from 13 to42 – 323% increase
- Rancho Bernard/Sabre Springs/Carmel Mtn Ranch 48 to 99 – 206% increase
Some other facts about actual closings (316) for the month of August in San Diego County:
- Average days on the market (DOM) were 76 compared to 61 DOM for the pending properties
- Sales Price to Listing Price (SP/LP) averaged 99%
It will be interesting to see what the SP/LP will be in the next couple of months since there are so many multiple offers and often there are offers over the asking price. If you would like me to research specific areas or zip codes, please let me know. You can email me at [email protected] or call me at (858)248-2144.
See what John Karevoll of DataQuick said on August 18th
It certainly looks like now is the time to buy…because at this rate, prices will be going up. As always, feel free to pass this information on.
Americans felt better about the economy in August, as a barometer of sentiment posted the biggest boost in two years amid falling gas prices.
Two reports suggested that a bottom could be nearing for the housing market. The Conference Board, a private research group, said Tuesday that its consumer confidence index rose to 56.9, up from a revised 51.9 in July.
That’s the largest gain since August 2006, and is ahead of the 53 expected by economists surveyed by Thomson/IFR.
It’s also the second month in a row that sentiment improved, after a six-month slide since January.
This is an interesting time to say the least. We know tthe pulse of real estate is different from region to region and even from neighborhood to neighborhood.
While some neighborhoods like Carlsbad and similar coastal properties are still selling in a relatively short amount of time, just inland a few miles like Vista or Oceanside we are seeing an abundance of foreclosures hit the market at incredible values.
Either way you look at it, it’s a great time to buy whether you are an investor, a first time homebuyer or a ‘move-up’ buyer.
The stars and the planets have aligned and all the right things are in the right place to jump into a fantastic market.
My crystal ball tells me ‘don’t wait till you know the market has hit the bottom because you won’t know until you’re past it!’
Anne D’Innocenzio, AP Business Writer Contributed to this article