San Diego County Homes Sales and Prices Up Slightly for February.
It impresses me that Buyers who should be taking advantage of low prices and low interest rates are seemingly waiting for the costs of both to reach much higher levels and then perhaps wanting to write offers reflecting current pricing. This would be hopeful thinking. While the median prices are increasing if only marginally, wouldn't you think that buyers sitting on the fence would be lining up to take advantage of great market prices.
It seems that the only Buyer's lining up to purchase are investors who instinctively know a great deal when they see it. The Home Buyers should be competing with them. If Home Buyer's were paying attention, they would be emulating the investors but they don't seem to be doing that to the level they should.
Investors in the San Diego Housing Market are counting on the Buyers not following them. In fact they need these buyers to be sitting on the sidelines and the investors are hopeful they will be getting them as tenants as the opportunities for affordable home ownership gradually but steadily disappear. We have all heard it said that you can lead a horse to water but you can't make him drink. And so it is with the Home Buyers today.
Below are the stats for February Homes Sales and Median Sold Home Prices.
Median Price February 2010 January 2011 February 2011 YOY % Change
Single Family Resale $358,500 $350,000 $347,500 ▼ 3.1%▼
Condo Resale $219,500 $200,000 $205,000 ▲ 6.6%▼
New Homes $460,000 $398,750 $457,750 ▲ .5%▼
SD County $322,000 $304,000 $308,000 ▲ 4.3%▼
Single Family resales prices dropped slightly through February. The median price of Condo resales increased slightly through February. The real jump here tha is affecting values the most overall is from new home sales. The median price on new homes sales jumped about 15% and this is the indicator of where resales will likely be heading.
Sales February 2010 January 2011 February 2011 YOY % Change
Single Family Resale 1,512 1,364 1,474 ▲ 2.5%▼
Condo Resale 777 746 710 ▼ 8.6%▼
New Homes 176 138 146 ▲ 17.0%▼
SD County 2465 2248 2330 ▲ 5.5%▼
The number of resales of Single Family Homes increased in February by 110 sales over January totals. The Condo resales dropped by 36 sales from that same period. New Homes sales increased from 138 units sold in jan to 146 sales in February.
Overall for the month of February, sales of all housing in county increased by a net positive change of 82 more homes sold. That is down 135 units year over year. But the spread is declining each month and I expect that by end of 2011, we will have exceeded all sales for 2010.