Jeannie Niles Real Estate Investment
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San Diego Market Watch: February 2008
San Diego
| Type | Total Inventory | Pendings | New Listings | New Listings/Sales Ratio | Sales As Percent Of Inventory |
|---|---|---|---|---|---|
| Single Family Homes Encinitas West of I-5 (92024) |
31 | 4 | 7 | 1.8 to 1 | 13% |
| Downtown Condos 2bed.2ba. 1200 sq.ft. plus (92101) |
209 | 24 | 60 | 2.5 to 1 | 11.5% |
| 2-4 Units San Diego (92101 - 92120) |
414 | 29 | 82 | 2.8 to 1 | 7% |
Inventory remained the same, sales increased slightly and the rate of new listings coming on the market slowed substantially. I think this is slightly skewed because January had a lot of new listings primarily because sellers had held off listing their property until after the holidays.
The downtown condo market is filled with foreclosures. There are two great locations on Sixth Avenue where construction has stopped. As unique as the Balboa Park area is, even that area is sustaining some problems. There are some great buys at present throughout the city.
It seems like banks are becoming more willing to discount their REO properties just to get them out of inventory. I have seen several situations where properties sold for 60% of what they sold for two years ago!
I believe the Fed will cut interest rates again, but since mortgage rates are tied to 10 year treasuries, the decrease in interest rate doesn’t directly impact mortgage rates.
I still believe in San Diego real estate. San Diego is really “Americas Finest City”. Great Weather, a million things to do, and a big city with a small town feel. For the first time in two and one half years I truly feel it is a great time to buy real estate.
Note: New Listings also include any price ranges/modifications to a listing made during the month, 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
