Jeannie Niles Real Estate Investment
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San Diego Market Watch: April 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) |
49 | 5 | 13 | 2.6 to 1 | 10.2% |
| Downtown Condos 2bed.2ba. 1200 sq.ft. plus (92101) |
218 | 25 | 50 | 2 to 1 | 11.5% |
| 2-4 Units San Diego (92101 - 92120) |
457 | 36 | 80 | 2.2 to 1 | 7.9% |
Inventory increased in all categories, including new inventory. Pendings were almost identical to March with the exception of multi-family. Pendings increased by 11 properties or 38% over March for 2-4 unit properties.
Prices have fallen an average of 19%, foreclosures have risen 128% compared to last year. New Construction is at its lowest level since November 1992.
http://www.signonsandiego.com/uniontrib/20080501/news_1b1sdecon.html
What does this mean to investors? We know that as soon as the current inventory returns to normal levels and the market has worked through the foreclosures, there will be increased demand for existing properties, because new construction two or three years from now will be minimal. Traditional economics tells us there will be rising prices as well as increases in the rental market.
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
