Jeannie Niles Real Estate Investment
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San Diego Market Watch: October 2007
| Type | Total Inventory | Pendings | New Listings | New Listings/Sales Ratio | Sales As Percent Of Inventory |
|---|---|---|---|---|---|
| Single Family Homes Encinitas West of I-5 (92024) |
38 | 2 | 7 | 3.5 to 1 | 5% |
| Downtown Condos 2bed.2ba. 1200 sq.ft. plus (92101) |
217 | 2 | 56 | 28 to 1 | .9% |
| 2-4 Units San Diego (92101 - 92120) |
456 | 34 | 85 | 2.5 to 1 | 7.5% |
I know I’m repeating myself, but pay attention to the numbers. (review my article…”Understanding Forclosure Numbers!!!”on the web site). Small numerical changes create HUGE differences in ratios/percentages. The number of sales for downtown condos was 8 in September. In October there were six fewer sales than in September. Total inventory remained a constant, however the ratio of new listings to sales was 28 to one for October!
The real estate market is encountering tough times and a huge slowdown. To see the true picture it’s imperative to view actual numbers with percentages and ratios.
The downtown condo market has slowed substantially. I still like downtown, both to live as well as an investment. It’s better than Manhattan! All the fun things to do, the activity, the excitement with no snow, ice, humidity or bugs.
The good news this month was that multi-family pendings increased, inventory declined and the sales as a percent of inventory rose to 7.5%. Not a great number but this number would be much higher if listing brokers and sellers realized it is imperative to properly price a property and provide accurate financial data.
The market also was impacted this month by the horrendous fires. International Relief Teams that was started by my good friend Barry LaForgia has been helping people that have lost their homes. Check out their site at www.irteams.org or better yet, make a donation. Their phone number is 619-284-7979.
Note: New Listings also include any price ranges/modifications to a listing made during the month of September, thus the # of new listings most likely will be overstated. This is the way the MLS reports, and I’m unable to calculate this any other meaningful way.
Inventory increased in all categories, including new inventory. Pendings were almost identical to March with the exception of multi-family.
Inventory increased in all categories, including new inventory. Pendings declined slightly.
Inventory remained the same, sales increased slightly and the rate of new listings coming on the market slowed substantially.
From what I am observing, it appears banks are becoming more aggressive in pricing their foreclosed properties at low prices to generate a more rapid sale.
ALL areas improved this month!!! Traditionally December is a slow month for real estate activity.
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Jeannie Niles Real Estate Investment
P.O. Box 317
Palm Desert, CA 92261
P: (760) 360-4020
F: (760) 340-9069
E: jniles@realestate-investment.com
