More and more recent conversations with real estate investors and past clients, has left a unwary engraving in my speculations on the current and future real estate market in San Diego.
More real estate investors today that I have spoken to are using phrases like " we used to buy at X and now we are forced to buy at Y ". They are not talking about decades or back during the bubble, buy they are talking about the last year or two. Where as X was $200,000 and now Y is $250,000, for example. Or where a past client if given an evaluation of a purchase that was made last year, and says " Wow, really ". This seems to be more common.
Prices have risen in San Diego over 10% in the last 12 months.
Take a look at the chart below. This is a snap shot of the San Diego County MLS. This is for December 2011, Compared to December 2012.
The important notes to take is that there was 1/2 the inventory of homes available last month, than the year before in the same month.
You may notice that sold price to list price increased by about 5%, however the list price of homes also increased over 10%.
The Simple Law of Supply and Demand.
Cell: 619-788-8354
More real estate investors today that I have spoken to are using phrases like " we used to buy at X and now we are forced to buy at Y ". They are not talking about decades or back during the bubble, buy they are talking about the last year or two. Where as X was $200,000 and now Y is $250,000, for example. Or where a past client if given an evaluation of a purchase that was made last year, and says " Wow, really ". This seems to be more common.
Prices have risen in San Diego over 10% in the last 12 months.
Take a look at the chart below. This is a snap shot of the San Diego County MLS. This is for December 2011, Compared to December 2012.
| Dec-12 | Dec-11 | % Chg | |
|---|---|---|---|
| # Sold | 3,139 | 3,034 | 3.5% |
| # For Sale (Last Day of Month) | 7,570 | 15,246 | -50.3% |
| Median Price (Sold) | $362,000 | $301,250 | 20.2% |
| Median Price (For Sale) | $370,000 | $329,900 | 12.2% |
| Price per Sq Ft | $255 | $222 | 14.9% |
| Sold Price to Original Price | 95% | 90% | 4.8% |
| Average DOM | 79 | 102 | -22.5% |
| Months Supply | 2.4 | 5.0 | -52.0% |
The important notes to take is that there was 1/2 the inventory of homes available last month, than the year before in the same month.
You may notice that sold price to list price increased by about 5%, however the list price of homes also increased over 10%.
The Simple Law of Supply and Demand.
Cell: 619-788-8354
Email: Pete@DamatoRealEstate.com
Web: www.DamatoRealEstate.com
Web: www.DamatoRealEstate.com
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