Sales Prices Continue To Climb But Low Inventory Drags August Sales Down For San Diego County…
In August 2009, San Diego County continued to see strong price appreciation both for single family detached (houses) & attached (condos/townhomes) bouncing back from records lows from the start of 2009. Many buyers’ have gotten off of the sidelines and are taking advantage of the $8,000 first time homebuyer tax credit before it expires November 30th & historically low interest rates. As a result of this activity, inventory for the whole county is only 3.5 months, down from over 15 months this time last year. The lack of inventory has resulted in multiple offer situations on most properties and many frustrated buyers. Listed below is a breakdown of San Diego County’s inventory and sales numbers:
ACTUAL NUMBER OF ACTIVE LISTINGS IN SAN DIEGO COUNTY
“Contingent” Status & Its Affect On Inventory:
The San Diego Association of Realtors recently added a new MLS listing status called “CONTINGENT”. The “CONTINGENT” status was created to allow agents to place a property into a “CONTINGENT” status if a property has an accepted offer but is either awaiting bank approval, such as a Short Sale, a Bank Owned property awaiting final Asset Manager approval of an accepted offer, etc…
As a result of the “Contingent Status”:
Ø Of the 13,322 active listings currently on the MLS, 4,242 of those 13,322 listings are in a “CONTINGENT” status.
Ø This means that there are actually 9,080 “ACTIVE” listings in the MLS.
Ø This number equates to only 3.5 months of available inventory given our current sales pace.
Total Number of Sales Closed in August 2009
Ø August 2009 had 2,622 closed sales or 87 closings per day
Ø July 2009 had 2,956 closed sales or 98 closings per day
August 2009 sales are down ▼ in comparison to July 2009 sales
Average Days on the Market in August
Ø 67 Days for Attached Properties
Ø 69 Days for Detached Properties
Detached Properties/Single Family Homes
Median Sales Price: $375,000
Ø The median sales price is up ▲1.0% from July 2009.
Ø Compared to August 2008, the median sales price is down ▼ 3.8%.
Number Of Closed Sales: 1,687
Ø The number of closed sales for detached properties is down ▼ 12.2% from July 2009.
Ø Sales for detached properties are up ▲ 5.6% when compared to August 2008 sales.
Attached Properties/Condos/Townhomes
Median Sales Price: $226,575
Ø The number of closed sales for attached properties is up ▲7.8% from July 2009.
Ø Sales for attached properties, when compared with August 2008, are down ▼ 5.6%.
Number Of Closed Sales: 935
Ø Sales for attached properties were down ▼ 9.6% from July 2009.
Ø Sales for attached properties were up ▲ 7.3% compared to August 2008.