Tuesday, August 10, 2010

San Diego, CA 92111 Housing Statistics

When comparing the most recent 6 month period with the same period last year the median $/Sqft of properties in San Diego, CA 92111 decreased from $241.01 to $212.84 which is an 11.7% decrease but when comparing the most recent 6 month period with the previous 6 month period the median $/Sqft increased from $196.41 (8.4%) which indicates that the market is currently in an increasing property values trend.  There are currently 5.6 months of housing inventory indicating a balanced supply and demand trend.  Over the past month, properties sold after a median marketing period of 32 days and an average marketing time of 74 days, indicating a marketing time trend of 0-3 months.

There were 7 bank (REO) sales over the past month which was 18% of all sales and consistent with the same period last year when there were 9 REO sales which was 20% of all sales.  Similarly, there were 4 short sales over the past month (10% of all sales) and over the same period last year (9% of all sales).  Over the past month there were 12 new REO listings which was 19% of all new listings which is a decrease from the same period last year when there were 17 new REO listings which was 30% of all new listings indicating a decrease in the ratio of REO listings, although there is evidence that there may not a decrease in the supply of REO properties.

Statistics indicate historically high foreclosure activity which suggests that future declines from bank sales and other potentially 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 (MLS & CoreLogic)
* 39 Total Sales
* 18% of all sales were bank sales
* 10% of all sales were short sales
* 19% of new listings that are bank (REO) listings.
1 Year Ago (MLS)
* 45 Total Sales
* 20% of all sales were bank sales
* 9% of all sales were short sales
* 30% of new listings that are bank (REO) listings.
Currently:
* 67 Bank owned homes (CoreLogic)
* 107 Properties in foreclosure (CoreLogic)
* 64 Properties with mortgages 60+ days late but not in foreclosure (CoreLogic)
* 25 Bank listings in MLS (active, in escrow, and awaiting bank approval)
* 63% of bank owned homes not actively listed in the MLS
* 22 Months of current and potential bank sale and short sale inventory from 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

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