San Diego Real Estate Market
In April, May, June and July, there was a MAJOR buying frenzy. 10+ offers on homes within days being on the market. Today, there is still a buying frenzy but it slowed down a little bit. Priced right homes are still getting multiple offers, just not 10+. The reasons are interest rates are still low (mid 3% 30 year fixed) and the inventory of homes for sale in San Diego County is still very low. Here are some great statistics (according to Sandicor, San Diego MLS) for San Diego County. In August 2011, there were about 11,800 homes for sale. Today, there are only 5,914 homes for sale. Another mazing statistic is in August 2011, 2,996 homes SOLD. In August 2012, 3,581 homes SOLD. That's almost 600 more homes sold even with August 2012 having almost 50% less homes for sale. We are roughly at 2.1 months of inventory for San Diego County but for a healthy market, we need it to be around 5 or 6 months. Sorry to bore you with statistics but these numbers are amazing and it makes it very hard to predict what will happen in the next coming months.
With the low rates and inventory, home values went up which is good news for home owners who are interested in refinancing but needed their LTV (Loan to Value) to be lower. It will be interesting if the market will continue at this pace during the Fall and Winter seasons because there are usually less buyers. I will give another update on the market next month as we all are curious if we hit the bottom.
If you have any questions or would like to discuss, feel free to leave a comment below or email me on my Contact Page.
Cell: 858-349-2390 | E-Fax: 619-209-7597
email@example.com | www.PaulCaparas.com
CA DRE # 01397640
Selling San Diego Real Estate since 2003
Paul CaparasDRE # 01397640
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