Jeannie Niles Real Estate Investment
 |
San Diego Market Watch: January 2008
San Diego Area
| Type | Total Inventory | Pendings | New Listings | New Listings/Sales Ratio | Sales As Percent Of Inventory |
|---|---|---|---|---|---|
| Single Family Homes Encinitas West of I-5 (92024) |
29 | 4 | 11 | 2.8 to 1 | 14% |
| Downtown Condos 2bed.2ba. 1200 sq.ft. plus (92101) |
207 | 18 | 75 | 4 to 1 | 8.7% |
| 2-4 Units San Diego (92101 - 92120) |
428 | 27 | 124 | 4.6 to 1 | 6.3% |
New Listings increased substantially this month, in fact it doubled or more in every category. This could be expected because of owners waiting until after the holidays to place their property for sale. Pendings increased slightly but nothing significant. In some instances, properties are selling for less than replacement cost, mostly REOS (Real Estate Owned/Foreclosure Properties).
From what I am observing, it appears banks are becoming more aggressive in pricing their foreclosed properties at low prices to generate a more rapid sale. This hopefully, will expedite sales and get the market back to stabilizing.
The recent interest rate cut by the Federal Reserve Board has not had an impact either way on the real estate market. Mortgage rates are set by the 10 year treasury auction, therefore any increase/reduction was already factored into the market at an earlier date. The only upside to the interest rate cut is a psychological one, i.e., positive news for a change rather than more statistics on sub prime foreclosures.
Note: New Listings also include any price ranges/modifications to a listing made during the month, thus the # of new listings most likely will be overstated. This is the way the MLS reports, and I’m unable to calculate this any other meaningful way.
Inventory increased in all categories, including new inventory. Pendings were almost identical to March with the exception of multi-family.
Inventory increased in all categories, including new inventory. Pendings declined slightly.
Inventory remained the same, sales increased slightly and the rate of new listings coming on the market slowed substantially.
From what I am observing, it appears banks are becoming more aggressive in pricing their foreclosed properties at low prices to generate a more rapid sale.
ALL areas improved this month!!! Traditionally December is a slow month for real estate activity.
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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
