San Diego County Continues To Experience Strong Sales For September 2009...
In September 2009, San Diego County saw strong sales for single family attached & detached houses and strong price appreciation for single family detached homes. A mad rush to get the $8,000 first time homebuyer tax credit, which expires November 30th & historically low interest rates are what continue to drive strong sales. As a result, tight inventory, especially in the $0 - $600K range continue to plague the entry level market, which continues to spur multiple offer situations and many frustrated buyers. Inventory for the whole county is only 3 months, down from over 17 months this time last year.
ACTUAL NUMBER OF ACTIVE LISTINGS IN SAN DIEGO COUNTY
“Contingent” Status & Its Affect On Inventory:
The San Diego Association of Realtors created the “CONTINGENT” status to allow Realtors to place a property in this 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 13,041active listings currently on the MLS, 4,321 of those 13,041 listings are in a “CONTINGENT” status.
Ø This means that there are actually 8,720 “ACTIVE” listings in the MLS.
Ø This number equates to only 3 months of available inventory given our current sales pace.
Total Number of Sales Closed in September 2009
Ø September 2009 had 2,717 closed sales or 90.5 closings per day
Ø August 2009 had 2,622 closed sales or 87 closings per day
Summary: September 2009 sales are up ▲ in comparison to August 2009
Average Days on the Market in August
Ø 70 Days for Attached Properties
Ø 66 Days for Detached Properties
Detached Properties/Single Family Homes
Median Sales Price: $384,500
Ø The Median Sales Price is up ▲ 2.5% from August 2009.
Ø Compared to September 2008, the Median Sales Price is up ▲ 1.7%.
Number Of Closed Sales: 1,753
Ø The number of closed sales for Detached Properties is up ▲ 3.9% from August 2009.
Ø Sales for Detached Properties are up ▲ 1.7% when compared to August 2008 sales.
Attached Properties/Condos/Townhomes
Median Sales Price: $204,950
Ø The Median Sales Price for Attached Properties is down ▼ 9.5% from August 2009.
Ø The Median Sales Price for Attached Properties, when compared with September 2008, is down ▼ 10.9%.
Number Of Closed Sales: 964
Ø Sales for Attached Properties are up ▲ 3.1% from August 2009.
Ø Sales for Attached Properties are up ▲ 4.0% compared to August 2008.