According to the DataQuick report for home sales in San Diego County, the downward trend is continuing. Some areas, however, are showing some stability. Several communities in North County Coastal and Central San Diego had increased average sales prices over September.
What is interesting is that most of these increases are attached homes, in the areas of:
• Carlsbad N • Carlsbad SW • Carmel Valley • Solana Beach • Clairemont • Hillcrest • La Jolla
• Mission Valley • North Park • Pt. Loma • Sorrento Valley • Tierrasanta • UTC
November sales per Sandicor which include listings in the MLS only and include just Detached and Attached Resale homes show that 2,389 went into Pending/Escrow with a slightly higher average listing price of $367,107.
Current statistics as of December 9th show (again resale detached/attached homes):
- 15,525 Active Listings with an average Listing Price of $729,868
- 5,664 are in Pending/Escrow with an average Listing Price of $370,591
What areas have the most activity? Following is the breakdown:
North County Central/Inland
- 4,230 Lisitngs with Average L/P $568,103 – 1,503 in Pending with Average L/P $362,975
- 3,832 Listing with Average L/P $809,209 – 1,529 in Pending with Average L/P $383,310
- 2,870 Listings with Average L/P $451,583 – 1,056 in Pending with Average L/P $300,349
North County Coastal
- 2,677 Listings with Average L/P @ $1,413,000 – 685 in Pending with Average L/P $590,176
- 2,095 Listings with Average L/P @ $338,600 – 903 in Pending with Average L/P $274,569
It is very clear that the lower priced homes are selling the most. I can verify that since I wrote 2 offers yesterday in the $300,000 range but before I could present them they had already accepted other offers. I’m hearing that from everywhere…the buyer’s are out there and they are buying! Let me know what areas I can check for you.
Related Posts: Area Information, Area Statistics, Buyers, Carlsbad, Carmel Valley, Condos & Townhomes, Downtown, Encinitas, Find A Home, Great Real Estate Deals, La Costa, La Jolla, Market Trends, Picture Perfect San Diego, San Diego, Solana Beach
What happened in the San Diego housing market in the 3rd quarter? Most areas saw prices declining because the lower priced homes are the ones selling the most…which has brought down the average sales price. The fact is that most short sales and foreclosures have occurred in the lower price ranges and investors and first time home buyers are taking advantage of it,
This market may dry up sooner then we expected due to lenders being encouraged to modify their loans. Countrywide where one out of four loans were serviced, is being required to do so and they have up to 125,000 loans in California alone.
The number of home sales in San Diego County in the 3rd quarter were pretty steady. Total sales including Resale Detached and Resale Attached Homes were:
September 3,090 August 2,801 July 3,083
Here are the full reports compiled by Data Quick for San Diego County:
To summarize average home sales prices for September, August and July:
San Diego County
Resale Homes – Sales Trends 2008
September August July
Central San Diego
Detached $ 370 $ 400 $ 417
Attached $ 269 $ 296 $ 305
North County Coastal
Detached $ 433 $ 421 $ 480
Attached $ 340 $ 385 $ 394
North County Inland
Detached $ 370 $ 390 $ 400
Attached $ 223 $ 217 $ 239
Detached $ 315 $ 325 $ 343
Attached $ 165 $ 165 $ 173
Detached $ 355 $ 360 $ 375
Attached $ 184 $ 201 $ 225
Here are prices in several particular areas/cities:
Detached $ 430 $ 420 $ 458
Attached $ 321 $ 268 $ 178
Detached $ 764 $ 939 $ 646
Attached $ 491 $ 315 $ 352
Detached $ 400 $ 445 $ 390
Attached $ 218 $ 233 $ 229
Detached $ 645 $ 618 $ 583
Attached $ 308 $ 350 $ 338
Detached $ 603 $ 643 $ 672
Attached $ 399 $ 632 $ 426
Detached $ 848 $ 873 $ 773
Attached $ 374 $ 388 $ 614
Detached $ 925 $ 865 $1.050
Attached $ 387 $ 495 $ 512
Del Mar/Solana Beach
Detached $1.328 $1.678 $1.164
Attached $ 655 $ 504 $ 624
Detached $ 302 $ 321 $ 351
Attached $ 226 $ 254 $ 174
Detached $ 337 $ 332 $ 357
Attached $ 121 $ 160 $ n/a
Detached $ 418 $ 394 $ 414
Attached $ 229 $ 237 $ 231
How long will prices decline? I have seen a huge influx of investors that are buying up property…do you think they know what they are doing? I do.
Related Posts: Area Information, Area Statistics, Buyers, Carlsbad, Carmel Valley, Condos & Townhomes, Del Mar, Encinitas, Escondido, Find A Home, Market Trends, Real Estate News, San Diego, San Marcos, Solana Beach
What are short sales? What is happening with the short sale market? Are they selling? Where are they? Here is the Statistics Report for the activity in the last 90 days on all homes, except for manufactured, in San Diego County. Statistics supplied courtesy of Sandicor.
San Diego County Short Sales
- There are currently 6,445 Active Listings. This is a little misleading because most short sales are kept in the active status, even after the seller has accepted an offer, until there is an formal acceptance by the lender(s).
- There are currently 1,778 short sales in the pending status, which means in escrow.
- There have been 4,109 that have closed escrow in the last 90 days.
What are they? Short sales are homes that are for sale and the seller’s loan(s) are more than what the property can sell for. They put it on the market in the hopes that the bank will take less than what they owe. This used to be a process that could take up to 6 months before the lender assigned a negotiator and many went into foreclosure before they ever had a chance to get it approved.
Most banks now have systems in place and as the report shows, they are closing successfully. In fact, most of the time there are multiple offers…you will note that the sales price to listing price is now 97% and average days on the market are down to 99.
Where are they? I did a search for some regions and note the following:
North County Coastal = Carmel Valley, Del Mar, Solana Beach, Encinitas, Carlsbad & Oceanside
- 738 Actives 200 Pending 186 Solds
North County Inland= Scripps Ranch, Rancho Bernardo/Penasquitos, Mira Mesa, Poway & Ramona
- 537 Actives 205 Pending 185 Solds
Metro Areas = Downtown, Hillcrest, North Park, Mission Valley, Clairemont, Tierrasanta & University City
- 1,096 Actives 329 Pending 283 Solds
South Bay = Bonita, Chula Vista & National City
- 1,727 Actives 339 Pending 159 Solds – by far the highest area
If you have stayed away from short sales, you might want to reconsider…many are selling before they become foreclosed on.
Related Posts: Area Information, Area Statistics, Buyers, Cardiff, Carlsbad, Carmel Valley, Del Mar, Downtown, Encinitas, Financial news, Foreclosures, La Costa, Leucadia, Market Trends, Oceanside, Poway, Rancho Bernardo, Real Estate News, San Diego, Short Sales, Solana Beach
Finally, the view you’ve always dreamed of, the perfect size yard, a kitchen to die for, a block away from your 5 year olds award winning school just up the street from your best friend! You’ve waited, you’ve watched! You’ve scrimped, you’ve saved & you have sacrificed!!
You are Ready to pounce, your credit scores are over 800, boasting a savings account holding a $100,000, $500,000, $800,000 or maybe even $1,000,000 to purchase this home. Inspections done, appraisal in, down payment cashed, title perfect, movers scheduled, boxes packed, sellers moved out, kids excited & fighting over bedrooms.
The big closing day dawns upon us. Then your Realtor calls with news commenting the bank will not give you the loan to buy the house. “WHAT ? ? “Are they kidding?” “Nope, they’re not.” Shattering your families (& Realtors) dreams of finalizing this deal. What do you do?
My main focus is keeping a happy, satisfied seller combined with an excited and pleased buyer from the beginning of the transaction to the closing. Customer service first, I do everything I can, going over & beyond to assure that my sellers & my buyers have a smooth transaction with little or no problems. The most frustrating part of my job is doing the best I can to keep everyone happy & have another partner in the transaction screw it all up! When the buyer can’t get financing, nobody’s happy!
So, how do you do it? Much like staging a home to sell, a lot of it is in the initial packaging of your loan package. You have to understand, learn & know how to sell your loan to the bank. Knowledge is Power now more than ever.
Who you (or your Realtor) knows within the banking industry could be worth it’s weight in gold today. Many real estate agents & the lenders do not understand the dynamics of these new financing guidelines. Get used to it it is unlikely to go away anytime soon. The way you put your loan package together before it is submitted to the bank for approval is key these days. Before you find that home or before you accept the buyers offer, get the facts and the education you need to make sure the loan applied for will still be available when you are scheduled to move, close & will fund.
Before you put your home up for sale, accept that buyers offer & take your home off the market OR prior to submitting your loan to a bank feel free to call us & we will show you how to do it right in the new 2008!
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