So whats the deal with this market? Is it a good time to be selling? Is it a good time to be buying? Let's look as some recent numbers and see...
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Foreclosure Sales Nearly Double in the State of California from the Prior Year! According to Foreclosure Radar, Foreclosure Sales Increased 92.3 percent from the prior year. Much of the increase was caused by previous year moratoriums placed on banks which halted sales. Foreclosure Sales Increased 24.2 percent from February with 79.2 percent of those going back to Banks and the remainder being sold to 3rd party investors. 3rd party investor purchases also hit a new Record in March crossing 4,000 properties with purchases totaling over 800 million. The average discount to 3rd parties seems to be getting slimmer over the recent months. It was at 15.8% off current market value for the month. This may be caused to increased competition at the Foreclosure Auctions. As far as Foreclosure Activity for San Diego County here is what happened in March.
Let's now take a look at the recent sales statistics for San Diego County and see what we find. Data below was provided by Realist. Sales Statistics for SAN DIEGO County CA |
| Realist's most recent sale date for this county is 04/19/2010 |
| Single Family Residence | ||
| Time Period | Number of Sales | Median Sale Price |
| Mar 2010 | 2,023 | $380,000 |
| Mar 2009 | 1,882 | $325,000 |
| Feb 2010 | 1,525 | $365,000 |
| Feb 2009 | 1,567 | $328,000 |
| 2010 YTD | 5,350 | $363,500 |
| 2009 | 24,202 | $350,000 |
| Condominium | ||
| Time Period | Number of Sales | Median Sale Price |
| Mar 2010 | 1,064 | $245,000 |
| Mar 2009 | 884 | $203,750 |
| Feb 2010 | 803 | $230,000 |
| Feb 2009 | 746 | $210,000 |
| 2010 YTD | 2,843 | $235,000 |
| 2009 | 12,360 | $226,000 |
As we can see from the above chart is a clear sign of improvement and stabilization. Although foreclosure numbers are still high and will probably continue to be for some time; the market has responded with higher sales volumes and higher median sales prices. This is in part due to the current tax credits and historically low interest rates, however it is definitely trending in the right way.
So, are we out of the woods? I don't know. However, it sure looks better than what it was two years and a year ago. The market definitely was due for a correction, however it is showing strong signs of an early recovery. With prices starting to climb and sales volumes higher, this could make for a great time to sell a property or to buy one as well. Timing is everything with Real Estate and the numbers I have been watching appear to show that now could be a good time to make a move.
To learn more about homes in San Diego county and other San Diego cities, please visit us at www.fourseasrealty.com where you can search all available properties in San Diego along with Foreclosures, Short Sales, and Bank owned REO properties.
If you are thinking of selling, we would love to give you a no obligation market analysis and share with you our marketing plan to sell you home! If you are interested, please call 858-380-2005 or email us today!
