Happy July 1 to everyone and Happy Birthday to my wife of 32 years, Ricki!
June has been another month of improvement in the San Diego real estate market. At the moment there are 9,676 properties of all types on the market, which is considerably lower than we usually see. 3,319 properties went into escrow in June. This means that our entire inventory can turn over in 2.9 months which indicates a strong market. The average price was $395,507 (whch included a sale at almost $8,000,000). Additionally, another 3,866 properties went "contingent", a new category for short sales and bank owned properties that are awaiting approval from the bank on an offer. Combining those 2 numbers means that 7,195 properties found buyers in June. Low prices and low interest rates are the main contributors to this activity, most of which was in the <$500,000 range.
The links below will take you to several articles I've saved over the last few weeks that provide more insight into the local and national real estate markets:
http://money.cnn.com/2009/06/12/real_estate/10000_California_tax_credit/index.htm?postversion=2009061215
CA tax credit running out
http://www.allaboutnews.com/web/images/web/IndicesChart_2ndQtr09.jpg
10 Year ARM Indices Chart
http://ungar.rereport.com/market_reports
Online summary of San Diego market
http://www.facebook.com/ext/share.php?sd=95436497411&h=Swonw&u=zot8q&ref=nf
Pending home sales index up 4th consecutive month
http://www.nytimes.com/2009/07/01/
Rick Ungar is a Certified Distressed Property Expert, solving the foreclosure issue one homeowner at a time. Contact us today to learn about the best options to preserve your credit and buy again soon.
