First, I'd like to start my monthly market summary with a big announcement.  Ricki and I have decided to roll Casa Bella Realty & Mortgage, Inc. into Keller Williams in Carlsbad.  We formed the company in 2003 with the goal of providing service above and beyond the levels that was possible at the big firms.  We and the agents that worked with us accomplished that and even grew to as many as 26 agents.  After doing extensive research we determined that it was in our best interest to do what so many other small brokerages have done, i.e. merge our operation into that of the fastest growing and highly regarded national firms in the US.  This move should give us the marketing power of a dynamic firm that offers more benefits for both our clients and us as agents.  Their operation and ours are eerily similar but theirs is much bigger.  The changes in the real estate market over the last few years has made the risk/reward factor unattractive for small firms.  Nothing will change in the way we service our clients.  We hope you share in our excitement for the future with Keller Williams.

 

Now, on to the statistical summary for the San Diego real estate market over the last month.  Keep in mind that our local market may perform better or worse than other sub-markets around the country and that national reports may not accurately reflect what happens here.  In short, the number of active listings for detached homes increased about 10% in March but the number of new escrows opened increased also.  There is currently about a 3 month supply of detached homes on the market which means it is a seller's market with prices rising.  Much of the strength is still in the lower price ranges (below $500,000) because the financing options above that are still tricky.  When you add the number of new "contingents" (short sales that reached contractual agreements but are awaiting lender approval) to that number another 2,500 detached homes went off the market.  That means that 4,571 homes went off the market in March.  When divided by the 6,196 now on the market we arrive at a 0.74 month (about 3 weeks) supply of detached inventory.

 

3,022 attached (condo/townhome) units are now on the market, up from 2,896 last month.  1,154 new attached unit escrows were opened last month, up from 1,005 the month prior.  2,047 attached units went into the "contingent" status, so when you combine that with the 1,154 new escrows we see that a total of 3,201 attached units went off the market in March giving us a 0.68 month supply of attached properties.  Prices are rising in this category as well.