When comparing the most recent 5 month period with the same period last year the median $/Sqft declined 7.9%. When comparing the most recent 4 month period with the previous 4 month period the median $/Sqft declined 0.9%. These statistics indicate that property values have declined over the past year, but that the rate of decline has decreased lately.
When considering the number of sales over the past 30 days, there are currently 4.6 months of housing inventory, indicating a balanced demand/supply trend.The median marketing time for closed sales over the past 3 months was 63 days, indicating a marketing time trend of less than 3 months.
The Sandicor MLS reports that 50% of all sales over the past 3 months were bank sales or short sales, which is slightly greater than annual ratio of 48%.. Real estate agents do not reliably describe bank sales or short sales in the MLS and the actual ratios of these sales are likely higher.Over the past 6 months, the median $/Sqft of bank sales and short sales was 13.4% less than standard home sales. This reflects not only buyers' reaction to bank/short sales as undesirable, but also the tendency of bank/short sales to be in inferior condition - as well as other factors.Brian Ward
Escondido Home Appraiser
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