Happy 2011 to everyone! Let's all hope that this year is better for many people than 2009 or 2010.
First, I'd like to introduce everyone who hasn't already visited our new home searching site to one of the most advanced, yet easy to use, ways to shop all of the homes that are now on the market in San Diego County. Please check it out at
www.RickSellsSanDiego.info and feel free to build your own search. It is an awesome way to see what is on the market if you are thinking of buying or watching the values in your neighborhood if you are just curious or thinking about selling in the future. Some of the features it offers are:
- The ability to create a search using a map area. This means that if you are focused on an area smaller (or larger) than a zip code you can customize the area it covers.
- The ability to be used with your smart phone.
- The ability to save your favorites and be automatically notified if similar properties come to the market.
- The ability to search for only foreclosures, only short sales, only equity sales or all of them. This is nice since many people do not want to see short sales.
- The ability to easily communicate with me to ask questions or schedule showings.
- A link to a very experienced mortgage professional if you want to get pre-approved for a purchase loan.
Here's a summary of real estate in San Diego in 2010...
Closed sales:
Detached: 20,633 in 2010 vs. 22,572 in 2009
Attached: 11,267 in 2010 vs. 11,977 in 2009
Homes Currently on the Market:
Detached: 7,182 today vs. 7,869 last month
Attached: 3,673 today vs. 3,962 last month
New Escrows Opened in December:
Detached: 1,187 in 2010 vs. 1,521 in 2009
Attached: 613 in 2010 vs. 783 in 2009
Active Listings as of 12/31/10:
Detached: 7,182 in 2010 vs. 7,869 in 11/30/10
Attached: 3,673 in 2010 vs. 3,962 on 11/30/10
Turnover Rate (Months of Supply):
Detached: 6.05 months now vs. 5.31 months on 12/1/10
Attached: 5.99 months now vs. 5.63 months on 12/1/10
Average Selling Prices:
Detached: $499,405 in 2010 vs. $453,220 in 2009
Attached: $269,444 in 2010 vs. $257,526 in 2009
Average % of Listed Price Obtained:
Detached: 98% in 2010 vs. 99% in 2009
Attached: 99% in 2010 & 2009
At the moment we have a supply of slightly over 6 months of detached homes and slightly under 6 months for attached homes which means the market is in the neutral pricing range. If we add the homes that went "contingent" (short sales under new contracts but awaiting lender approvals which could take 6 months) to the new escrows we show a supply of around 2 months, but since these can not be counted on to close we include them just for reference. You can see that both the inventory and number of new escrows are down but the turnover rate is only slightly slower than at the end of November 2010. While the number of sales for the year decreased the average prices increased and the average percentage of the listed price held firm.
Listed below are several third party articles I saved during December:
Even though interest rates have increased they are still very, very low and won't stay that way forever, as are prices. The only real issue still being faced by the local economy is unemployment which is still high.
I hope this helps you stay abreast of our local market with factual input. Let me know what questions you have and have a great 2011.
