The next time you have an opportunity to meet with, or to socialize with your friendly Real Estate professional, ask them to give you some statistics about the current inventory of houses in San Diego County. Not only will the opportunity test their knowledge, it will also provide you with valuable information about our local market, and as well, will help you to filter the cascade of media news.
As of December 2010, the inventory of attached and detached single family homes for the area of San Diego County covered by the Sandicor MLS* (Multiple Listing Service), is 15,753, or approximately a 6.1 months supply (without consideration for pent up foreclosures). This is not a significant change from the beginning of the year inventory level of 15,147. Interestingly, 53,356 homes were added to inventory as new listings for sale during the first 11 months of the year. Correspondingly, the inventory was reduced by nearly the same number of new listings (52,750 homes), although, and unfortunately 23,493 of which, were taken off of the market by expired, cancelled, or withdrawn contracts. A thought to keep in mind at this point is that, most contracts expire because the house was overpriced to the market conditions, and the sellers had no, or few, offers to consider. The net result is that 29,257 homes were sold during this period, or a 3 month rolling average monthly sales volume of 2,584. So, in spite of the negative news commentary, there is activity in home sales.
Home sales prices averaged at about 95.5% of their original listing price, which is approximately 1.3% points improvement from nearly a year ago. This may either suggest that sellers are being more realistic with their listing prices, or perhaps, it signals a shift in the strength of home prices.
A few more interesting statistics to provide you in case you need conversation starters at some upcoming social parties… here are some average selling prices per square foot in different areas of the county. Please consider that the use of averages bear certain risks, because they are very dependent upon the volume of homes used in the calculations, and the price mix of homes in very high or very low ranges. La Jolla = $804, Rancho Santa Fe = $594, Carmel Valley & Del Mar = $489, UTC & Sorrento Valley = $339, and Rancho Bernardo / Rancho Penasquitos / Scripps = $287.
If you would like more information regarding market statistics, or you would be interested to learn more about the pricing of homes suitable to your interests, simple give us a call so we, can help you, to get what you want, in the time you want … wont that be great.
* All numbers have been rounded
Contact us soon - and let us apply for the job to be your Real Estate agent.
Charles M. Schevker (CPA)
DRE # 01875556
Broker Associate
Prudential California Realty
(858) 449-8250
1299 Prospect St.
La Jolla, CA. 92037
http://www.San-Diego-Cal-Homes.com
http://www.linkedin.com/in/charlesschevker
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