Jeannie Niles Real Estate Investment
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Market Watch: February 2007
| Type | New Listings | Pendings | Listings/Sales Ratio |
|---|---|---|---|
| Single Family Homes | 1029 | 284 | 3.6 to 1 |
| Condos | 336 | 121 | 2.8 to 1 |
| Multi-Family | 33 | 7 | 4.7 to 1 |
San Diego
| Type | New Listings | Pendings | New Listings/Sales Ratio |
|---|---|---|---|
| Downtown Condos (92101) | 154 | 59 | 2.6 to 1 |
The Good News for this month is that the ratio of new inventory coming on the market for every property going into escrow declined in all areas. Inventory is still increasing but the rate of increase to be slowing down.
A rising inventory means buyers have more product to choose from, thus creating a buyers market. Declining inventory creates a sellers market and rapid price increases like the market was in 2004/2005.
Desert Realtors as well as some Escrow Company’s are advising the market is making a come back. I think it is way too early to see any definitive trend – we need to have at least six months of positive real estate data.
I recently read a statistic that the #1 indicator of price stability was the proximity of property to the water. That’s good news for Southern California in general. True, we are having some price declines of 0 to 4.6% but this is based on the “median” home price and should be used only as one of many trends to follow.
I noted this month the largest price declines of real property was in the Midwest – an area that has the lowest priced homes anywhere!
All comments are welcomed. Happy St Paddy’s Day.
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Seven properties went into escrow in October.
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For Coachella Valley
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Multi-family properties have been the hardest hit segment in the desert area for number of sales during the current real estate downturn.
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I am always frustrated how the media and other trade groups use statistical data to prove the point they want to make, thus I like to do my own statistical research.
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It can be very profitable purchasing bank owned properties in the current real estate market.
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Some of the most outrageous episodes in property ownership that the owners lived to tell about.
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Only 5% sales agents or brokers actually own investment property, and only 10% actually sell a property.
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Jeannie Niles Real Estate Investment
P.O. Box 317
Palm Desert, CA 92261
P: (760) 360-4020
F: (760) 340-9069
E: jniles@realestate-investment.com
