The median $/Sqft of properties over the past year declined 1.6% which is a negligible change and indicates a stable property values trend. There are currently 4.6 months of housing inventory indicating a balanced supply and demand trend. Over the past month, properties sold in an average of 41 days and a median of 22 days after being listed indicating a marketing time trend of under 3 months.
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 steady supply of potential foreclosures indicate that the risk level for market declines will continue into the near future. Although historically high, the ratio of bank sales, foreclosures, and short sales is among the lowest compared with other areas of San Diego County.
Foreclosure / Short Sale Related Statistics:
Past 30 Days
* 59 Total Sales
* 15% of all sales were bank sales
* 14% of all sales were short sales
1 Year Ago
* 86 Total Sales
* 6% of all sales were bank sales
* 7% of all sales were short sales
Currently:
* 54 Bank owned homes
* 78 Properties in foreclosure
* 64 Properties with mortgages 60+ days late but not in foreclosure
* 10 Bank listings in MLS (active, in escrow, and awaiting bank approval)
* 81% of bank owned homes not actively listed in the MLS
* 12 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 MLS.
Brian Ward
Brian Ward
brianwardappraisal@gmail.com
http://www.brianward.com/
619-630-9273
http://www.brianward.com/
619-630-9273
