These are the current market statistics for all of San Diego County from January 1, 2008 through May 30th,2008.
This report includes all residential property, Active, Pending, Sold, Expired and Off Market in all price ranges in all zip codes of San Diego County.
In each category is shown the total number of units, the average price and the total dollar volume.
Category # 0f Properties Average Price Total Dollar Volume
Active on the Market 65,821 $642,907,000 $42,316,810,000
Pending Close of Escrow 4,583 $514,858,000 $2,359,596,000
Sold Listings 2,836 $518,836,000 $1,472,457,000
Expired Listings 4,977 $684,376,000 $3,40,6140,000
Off the Market (Canc/WithD) 2,309 $622,648,000 $1,437,695,000
Courtesy William Johnson GRI CRS e-PRO author of The San Diego Real Estate Text Book , The Voice of San Diego Real Estate
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You still have a lot available, but you have more pending than sold this year, so it seems to be heading in the right direction...
Good luck.
Hi Kevin, That is the good news. The bad news statistically is that a large number of the listings sold are either REO or short sales.
Looks to me that the average List to Sale percentage is about 81%. That's pretty low. Folks must be doing some fierce negotiating around there.
So, if folks are in the mood to buy those foreclosures or REO listings, shucks, sell them.
Hi Lenn, I closed one ( short sale) this morning and I don't enjoy working with them. If I had to make my living there, I would be bankrupt, though others seem to be collecting a lot of them. I have another higher end buyer that is looking at them right now.
My niche is mid range from about the mid 5's to 1m. Seems my clients haven't hit it big as yet,lol. Me either, come to think of it,lol
What is skewing that percentage you are referring to is the inordinate number of potential short sale listings, Lenn.
Hi William,
Good info, looks like a lot of activity going on in San Diego County. Looks like quite a difference between the average asking prices vs. the selling prices.
We have MLS stats of pending prices vs. asking prices, they're all lower than the closed pricing. It's really helpful when talking with sellers about pricing.
Hi Lynda, The pendings are double the closed and that bods well for an increasing market. The sold are a small fraction of the available listings. The sellers in some segments of the market actually get it and the rest don't believe statistics. You know , they have the longer nails holding the place together, so they naturally want more,lol.
Compared to little Haywood County, your homes on market is huge! How many are on the market in a 'normal' market?
Maybe 20,000. But there have been times during the expanding market when it was just 12. The Inventory is large only because sales have been so slow. Except for the the large number of REO and potential short sales. But that is where the market as far sales are. Why the sold average is so high is that we have a lot in the 2,3,and 4ook mixed with over a 1,000K ( read that as million or more ) The stuff in the middle is not selling that well.
PS have one area in the South Bay area of newer homes that started out in the high twos and low 3's during the run up. over 80 % of that area has fallen in decline and about 84 % of that market is either REO or short sale. When I was showing property down there last weekend, I was totally amazed at what I found. Abandoned homes, trashed or stripped out and left to wither.In that same market next store to a trashed home were beautifully upgraded and enhanced newer properties. The contrast was like nothing I have ever experienced before in my 20 years in the industry.