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:
-
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, Market Trends, Real Estate News, San Diego, Short Sales, homes for sale, 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, Uncategorized, tax credit
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
San Diego Foreclosures Filings Down? – Get The Facts
Posted by Diane White | Leave A Comment »
According to an article posted by Inman News recently, RealtyTrac said that foreclosure filings were down 12 percent nationwide in September.
California, which accounts for nearly one-third of foreclosure activity, recently passed legislation that requires lenders to contact their borrowers 30 days before filing a notice of default. This could explain why such a dramatic 51 percent drop in notices last month.
The article further goes on to state that this may only delay the process and may not alleviate the continuing influx of foreclosures.
Read the entire article: Foreclosure filings down 12% in September
The County of San Diego Assessor/Recorder’s Office also states the decline could be due to the requirements of the new legislation.
This became effective September 6, 2008. Read their letter here:.
.
The Assessor/Recorder’s office also states that over 50 percent of the homes that are served a default notice do go back to the bank. A hefty 56.23% of the 27,990 Notices of Default filed through the month of August, or 15,740 went into foreclosure. Click the image to read the full report.
Some other interesting notes:
- Trustee’s Deeds (Foreclosures) recorded thru September were 15,740
- Total Deeds recorded were 88,437
- That means only 17.80% of home sales this year were bank owned/foreclosure sales!!
There will undoubtedly by more sales of homes that were foreclosed on, and 17.8% is a still a high number, but the facts are here in the report. This dispels the myth that over 50% of the homes sold in San Diego are foreclosures…doesn’t it?
If you would like me to research particular areas, please contact me at Diane@DianeWhiteSanDiego.com or simply leave a comment to this post.
Related Posts: Area Information, Area Statistics, Buyers, Financial news, Foreclosures, Market Trends, Real Estate News, San Diego
Short Sales in San Diego County – Get the Facts
Posted by Diane White | Currently 1 Comment »
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
To summarize:
- 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.
Click here to read my previous blog posts and let me know if there is something in particular you would like me to research.
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
