Tuesday, July 27, 2010

San Diego, 92103 Housing Statistics

When comparing the most recent 6 month period with the same period last year, the median $/Sqft of properties in the San Diego zip code of 92103, the median price $/Sqft increased from $426.15 to $428.59 which is a 0.5% increase and indicates a steady property values trend.  There are currently 7.4 months of housing inventory indicating a balanced supply and demand trend.  Over the past month, properties sold ofter a median marketing period of 28 days and an average marketing time of 59 days, indicating a marketing time trend of under 3 months.  According to Sandicor MLS, the number of sales has decreased 28% while the ratio of bank sales and short sales to total sales has increased 256%.

Statistics indicate historically high foreclosure activity which suggests that future declines from foreclosures and other distressed selling activity, such as short sales, are possible.  They also suggest that banks may be withholding inventory from the market, presumably to promote property value stabilization and increases, and that property value statistics may not reflect natural market forces and may not be reliable.  A continuing supply of potential foreclosures indicate that the risk of property value declines will continue into the near future.

Foreclosure / Short Sale Related Statistics:
Past 30 Days
* 25 Total Sales
* 24% of all sales were bank sales
* 16% of all sales were short sales

1 Year Ago
* 32 Total Sales
* 9% of all sales were bank sales
* 6% of all sales were short sales

Currently:
* 98 Bank owned homes
* 56 Properties in foreclosure
* 49 Properties with mortgages 60+ days late but not in foreclosure
* 20 Bank listings in MLS (active, in escrow, and awaiting bank approval)
* 80% of bank owned homes not actively listed in the MLS
* 20 Months of current and potential bank sale and short sale inventory for bank owned properties, properties in foreclosure, and properties with mortgages 60+ days late and based on last months sales in the local MLS.

Brian Ward
Real Estate Appraiser
brianwardappraisal@gmail.com

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