San Diego Market Statistics June 1 through August 2008

William,
Great statistics, many people (readers, prospect buyers) or just people who is interested in your blogs want to see this kind of information, Well done. :)
Ray Saenz

Wow....a whole county of statistics. Wonder what ours would look like. Interesting figures and it looks like a bunch withdrawn or expired huh? Wonder how many of those went back up?

Hi William,

Wow, you've got a pretty high average asking price, vs. the pending and closed pricing.

looks like cancelled listings are higher than the expired ones, people are taking them off the market? Your "pending close of escrow" looks pretty strong.

Hi William, your volume and ALP are huge compared to my little County!  However, the asking prices vs. selling prices mimic ours, although our difference is definitely closing a wee bit.  If you want to sell, price your house for today's market.

Mmmmmmm.   There appears to be a bit of a range between the average list and average sold prices.  Either a lot of sellers are "reaching" or only the low end are selling.

Interesting.

Hi Ray, Thanks for dropping by. The broader stroke of the county of San Diego can be misleading. The major activity is in REO'S, about 35% of sales. Then add to that the high end that is selling and the numbers look deceiving

Hi Sally, The county picture can be misleading. What makes the average list price is that there are more higher end properties coming on. A seller in looking for a new home, made 3 offers and was outbid over asking price all 3 times. He is in the 800-875K category. The middle of the market has slowed down but the REO's are flying and higher ends are still showing reasonable activity..

Hi Lynda, Reflecting more higher priced inventory coming online. REO's selling strong.

Hi Chris and Maria, I think it reflected the reality of the market. Many come on overpriced. There were 1440 withdrawn from the market in this period, indicating various things from vacations to change of mind about being on the market. Some obviously will return, other may expire and re-list while the last group will be off the market permanently. But the numbers of sales seem pretty good. Inventory levels even though high, seems about normal for here. This seems to reflect a better market time, considering the slow start this past Spring

Hi Susie, I think San Diego is finally getting that message. Our sales are up overall and the prices are still tending lower in many areas. The upper market remained immune to the other machinations going on with the REO's etc. But I have been seeing much higher numbers of the value of the REO's. They are not all that the bottom as they would generally be thought . Seems to be a greater cross section being affected now. Will have see how that goes at year end to see if there is actually a trend there. 

Hi Lenn, Actually what is happening is that the REO and Short sales are leading the way. The middle of the market has slowed dramically and the higher end of the market is skewing the averages, especially the currently listed.

These statistics are taken from our MLS. In a break down by area, the highs and low areas are very active and everything else ? well, the fact seems to be born out by the numbers. But the highs are still skewing the numbers heavily. I received a breakdown for the 6 major market areas in the county from my title company and considered posting them but it seems so many others do it already. I do know one thing, my clients don't care about averages and the market here still is very localized down to the subdivision. Sales up and the REO's leading the way. They are not all at the lower end however, more REO's showing up in the upper and upper middle markets

William, based upon this report it looks like you have about a 6 month supply on hand?  Your market looks quite strong!  I've never broken down sales by county but this is fascinating.

Hi Diane, It is so interesting to read this kind of numbers. Since you lived here and in Californian for years, what I can not confirm but suspect is that a  lot of people in the upper categories of home value and income may be making exit plans. With more talk of higher taxes in exchange for balancing the budget ( still not done) , including another 1 cent sales tax, those with assets may be seeing opportunity elsewhere. There has been rumor of business exits and since there is no real balance of power, there seems to be lots of possibilities being demonstrated. And then again, maybe it is just a rush to incorrect judgment? It will take a while to discern what is going on.

William - this week I toured some Wal St researchers and managers through our market - it's a very klocal market, and even within a single condo building the rate varies by type of unit and view.

Hi Sharon, You are so right and the same it also true here in San Diego. I find it totally fascinating and thinking that statistics alone could tell the story, would be misleading. It is local right down to the  subdivision.

Thanks William for the stats. I liked the way you presented them. Gives me some more ideas on how I can present mine. Take care.