Jeannie Niles Real Estate Investment
 |
San Diego Market Watch: March 2008
San Diego
| Type | Total Inventory | Pendings | New Listings | New Listings/Sales Ratio | Sales As Percent Of Inventory |
|---|---|---|---|---|---|
| Single Family Homes Encinitas West of I-5 (92024) |
41 | 6 | 20 | 3.3 to 1 | 15% |
| Downtown Condos 2bed.2ba. 1200 sq.ft. plus (92101) |
216 | 21 | 56 | 2.7 to 1 | 10% |
| 2-4 Units San Diego (92101 - 92120) |
455 | 26 | 106 | 4 to 1 | 5.7% |
Inventory increased in all categories, including new inventory. Pendings declined slightly.
The Case-Schiller Index reflected a 16.7% decline in San Diego Home prices when comparing January 2008 to January 2007. If you enjoy detailed analysis, check this out. http://tinyurl.com/3x5p34
The above index is always two months behind, thus the reason I like to do my own statistics. In the current market the key indicators are inventory and properties going into escrow (pendings).
I have encountered a substantial increase in buyers as well as investor interest in the last 30 days. Of course all buyers expect to enjoy a great purchase price, but that is relatively easy to do currently. Banks holding REO are now pricing properties very competitively and multiple offers occur on all of these. This is good news since it proves there is a lot of cash on the sidelines waiting for the right transaction, and there is a floor as to how low prices will go.
In most cases we are under replacement cost. I feel anytime you purchase for less than it costs to duplicate the property, there is a built-in profit as soon as market recovery begins.
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.
Every investor's situation is unique, and I have over 25 years experience solving problems. Use the form below to ask me about your unique needs.
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
