Tuesday, October 9, 2012

September snap shot for San Diego


It appears I was correct in my last entry. Septembers numbers are lower for properties sold.
I think the most important stat below is the "TOTAL SOLD LISTINGS Comparing September 2012 to August 2012". Septembers Closed properties is over 16% less than Augusts numbers. 
Even though we are entering the lull of the year as the holiday season ramps up. Interest rates are still dropping, and I suspect things will pick back up in October, and then again when we enter the new year. 


MEDIAN SALES PRICE Comparing September 2012 to August 2012 (previous month)

 Single-Family:  3.3% INCREASE
September 2012 = $405,000 August 2012 = $392,250

 Condos/Townhomes = UNCHANGED
September 2012 = $240,000 August 2012 = $240,000

MEDIAN SALES PRICE Comparing September 2012 to September 2011 (previous year)

 Single-Family:  12.5% INCREASE
September 2012 = $405,000 September 2011 = $360,000Page 2 of 2

 Condos/Townhomes:  14.3% INCREASE
September 2012 = $240,000 September 2011 = $210,000

TOTAL SOLD LISTINGS Comparing September 2012 to August 2012 (previous month)

 Single-Family: 16.1% DECREASE
September 2012 = 1,888 August 2012 = 2,250

 Condos/Townhomes: 18.5% DECREASE
September 2012 = 829 August 2012 = 1,017

TOTAL SOLD LISTINGS Comparing September 2012 to September 2011 (previous year)

 Single-family: 9.6% INCREASE
September 2012 = 1,888 September 2011 = 1,722

 Condos/Townhomes: 4.4% INCREASE
September 2012 = 829 September 2011 = 794


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Tuesday, October 2, 2012

MLS Searches this morning.

This month again, we are slipping lower in inventory of both single family and attached real estate for sale in San Diego.
I ran a quick search this morning for only Single family homes in San Diego that are listed as Active. The results were 3,825 detached homes available this morning. What may be even more surprising is that pending properties, currently in escrow, are showing a total of 3,347. Not far from the amount that are active. As for short sales waiting approval with accepted offer, 2,588 existed.
Sold detached homes between Sept. 1 and Sept. 30th are shown as 1,785 total. ( which appears to be down from August)



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Monday, September 24, 2012

CAR: Calif. home sales up in August, down from 2011 (San Diego Daily Transcript)

CAR: Calif. home sales up in August, down from 2011 (San Diego Daily Transcript): California pending home sales rose in August from July, but a continuing shortage of housing inventory sent pending sales lower from the previous year.

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Tuesday, September 4, 2012

August Numbers - Inventory Alert!


Asking Prices and Inventory for Homes in San Diego.

As of September 03 2012 there were about 10,004 single family and condo homes listed for sale in San Diego California. The median asking price of these homes was approximately $389,000. Since this time last year, the inventory of homes for sale has decreased by 33.7% and the median price has increased by 2.6%.

September 03, 2012Month/MonthYear/Year
Median Asking Price$389,0000.0%+2.6%
Home Listings/Inventory10,004-4.1%-33.7%

San Diego Asking Price and Inventory History

DateSingle Family & Condo
Inventory		25th Percentile
Asking Price		Median
Asking Price		75th Percentile
Asking Price
September 201210,004$249,900$389,000$699,900
August 201210,376$249,925$389,350$711,000
July 201210,673$247,680$385,395$701,400




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Location: San Diego, CA, USA

Tuesday, August 21, 2012

San Diego Market Statistics

Below is a San Diego sales and price release from SDAR.
In short, Sales have decreased over 5% in July compared to June. However, July 2012 sales were over 16% higher than July 2011 for Single-family homes.
The average home price has increased over 4% from June to July, for condos and Townhoumes.
Where as we also saw over 1% increase in median sales price of Single-family homes in that same time.

The reason sales have dropped is mostly relative to the lack of inventory in San Diego.

San Diego Association Of Realtors, end of July market statistics for San Diego



Asking Prices and Inventory for Homes in San Diego 

California

As of August 20 2012 there were about 10,337 single family and condo homes listed for sale in San Diego California. The median asking price of these homes was approximately $389,000. Since this time last year, the inventory of homes for sale has decreased by 33.1% and the median price has increased by 2.6%.


San Diego Asking Price and Inventory History

DateSingle Family & Condo
Inventory		25th Percentile
Asking Price		Median
Asking Price		75th Percentile
Asking Price
August 201210,379$249,900$389,167$711,667
July 201210,673$247,680$385,395$701,400
June 201210,978$244,500$378,250$692,498
May 201211,251$239,944$370,875$674,250
April 201211,586$237,180$359,580$647,699
March 201211,949$233,725$336,250$617,250
February 201212,071$230,450$349,950$601,750
January 201212,149$231,257$350,000$598,180
December 201112,892$234,750$355,750$613,450
November 201113,772$239,225$360,858$621,975
October 201114,563$239,940$366,798$627,760
September 201114,975$244,000$375,975$644,473
August 201115,524$249,358$379,590$649,683

Information provided by : http://www.deptofnumbers.com/asking-prices/california/san-diego/

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Sunday, July 29, 2012

My perspective of San Diego distressed properties.

Short Sales are still prominent in the market and will be for some time. However financial institutions are becoming more affluent to liquidating those assets in a timely manner. Bank directed short sales are becoming more prominent. Some banks are are taking the route of pre-approving a property for a short sale, then providing the file to an a Realtor to consult the distressed homeowners, and listing the property for sale. This expedites the process immensely and in most cases shortens the approval time from the traditional short sale. Short Sale vs foreclosure, Costs/shadow inventory. My opinion is that banks will be forced to assume short sale approvals vs foreclosures in order to avoid adding to the already overwhelming shadow inventory. I think properties will be approved much quicker and more frequently to assure buyers that they are obtainable, and obtainable in a realistic time frame. This will also lower the losses incurred by the banks, as the foreclosure period is lengthy and ultimately cost far more than short selling a property that already has a buyer in place. Bank assessing assets for shadow REO listings to start easing the weight. I have heard that many financial institutions are beginning to asses their current inventory, given the condition of the market and speculation of the next 6-12 months. We are seeing an increase in demand and sales price, while inventory is still low in San Diego and more buyers are coming into the picture. This could mean that some banks may start releasing assets that have sat on the books and are seasoned. With both the bank directed short sales and the assessments on current shadow inventory, the financial institutions may be starting to change the tides.
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Wednesday, July 4, 2012



Notice of Defaults, and Trustee sale properties going to sale are both down once again. The county is receiving nearly 9% more canceled sales than that of the previous month. As well as nearly 6% decrease of properties sold to third parties from May to June. This is also backed by a drop in Trustee deeds recorded. 


I look at this data, combined with the " shadow inventory " the banks are holding, and wonder what the next step will be in the San Diego real estate market.

Inventory numbers are at a staggering low, turning the tables more so for sellers than for buyers. Where is a property in Serra Mesa posted sold at 350k and similar property is now listed for 380k. I am not saying the market has jumped 9% in the last six months, but the amount of buyers in the market with interest rates still dipping lower. The lack of inventory throughout the county, and the lack of properties purchased by investors at trustee sale, create a wary scenario.

The financial institutions, I believe, will need to begin releasing more residential properties by force of hand. However, with this being an election year I do not see that occurring until January of 2013. I also think that they see the increase in the markets demand, and once they begin listing more homes for sale, those prices will be considerably higher.  
  
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