San Diego Real Estate
August 2009
Economist sees rebound for San Diego real estate market
- Rising San Diego sales
- Decline in inventory
Nationwide:
July home sales surge more than 7 percent.
Sales of foreclosures and other distressed properties made up about a third of all transactions in july 2009, down from nearly half earlier this year.
March 2009
Southern California home prices down 39%!
San Diego has a 31% decline: median to $285,000.
Source: LA Times, March 17, 2009:
Southern California median home price falls to $250,000
February prices were down 39% from the same month a year prior. Low prices boost homes sales 41%.
Foreclosed homes comprised 56% of properties sold!
Previously foreclosed homes comprised 56% of properties sold, according to San Diego-based MDA DataQuick.
November 2008
Conforming Loans
CONFORMING LOAN LIMIT FOR U.S.
TO REMAIN $417,000 IN 2009;
NOT $729,500 ANYMORE (depends per county)
July, 2008
San Diego and many other metro areas around the country continued to see record home price declines in May.
Home prices fall 23.2%
Home prices dropped a record 15.8% (USA) from May 2007 to May 2008, with San Diego down a record 23.2%.
Let's rephrase these numbers with some common sense:
1. home prices have gone down the last 12 months
2. the decrease in home price does not mean every home is worth 23.2% less than last year, it means homes sold for a 23.2% lower price (median) than last year.
3. roughly 40% of all sales in San Diego County were foreclosures (or bank-owned etc.), mostly in the lower-class neighborhoods, this also decreases the median home price as more lower priced homes have been sold.
4. As significant more homes are sold in the lower-bracket than average which makes the number home price decrease look significantly more than when looking and just resale of homes bought in 2004-2007 and resold for roughly 5- 15% less than 1 year ago (not 23%)
5. Foreclosures/ bank-owned properties generally do not sell for a top price relatively to the assumed property value. Fast sale makes it tough to get a good amount of "descent offers" (often 5-10% under market price is a fair assumption)
Home Prices Decline
09/06/2007 source: Mercury News
Standard & Poor's Case-Shiller national home price index reported that prices in the second quarter fell 3.2 percent compared with the second quarter of 2006.
Declines in property values in some metropolitan areas were much more severe - down 11 percent in Detroit, 7.7 percent in Tampa, 7.3 percent in San Diego, 7 percent in Washington, D.C., 4 percent in San Francisco and 3.7 percent in Boston.
House Prices: Who Says What?
Does any realtor what they talk about? Incompetence by nearly everybody in the real estate industry, for example:
San Diego Source- www.sddt.com
Top 10 reasons to buy a home now
By RICK HOFFMAN, Coldwell Banker Residential Brokerage
Thursday, February 22, 2007
Some (really independent/educated people) have some pretty good advice and evaluations:
Federal Reserve Board of Advisors
Real Estate and Home Loan Mortgage Links:
Kensington-San Diego
Kensington Real Estate, San Diego County
Rancho San Diego - East County
San Diego East County Real Estate
Home prices in San County: La Jolla, Del Mar, Carlsbad, Rancho Santa Fe, Mira Mesa, downtown San Diego, Mission Hills, Hillcrest, Rancho San Diego, La Mesa.
Mortgage Rates Trends:
Conforming Loan: San Diego County
The end of March the conforming limit will be raised back to $697,500!!
- March 2009: conforming limit $546,250
30 year fixed rate - 4.875% - Wellsfargo - January 2009: conforming limit $546,250
30 year fixed rate - 5,25% - Wellsfargo - December 2008: conforming limit $697,500
30 year fixed rate - 5.25% - Wellsfargo
December 2008
The November median price was down 34.5 percent from the same month a year ago, and 43.6 percent below the peak price of $505,000 recorded during several months in 2007, the San Diego real estate information service MDA DataQuick reported Tuesday.
The median price of a home in San Diego County last month was $305,000, down from $440,000 in the same month a year ago.
| Apr-Jun '08 | Jan-Mar '08 | Apr-Jun '07 | Apr-Jun '03 | ||
| Normal Heights | $287,375 | $345,651 | $398,216 | $266,299 | -37% |
| All of San Diego | $405,837 | $423,632 | $550,990 | $438,025 | -38% |
| Kensington | $683,598 | $756,417 | $579,317 | $416,714 | -10% |
The overall median last year of nearly $500,000 represented a more than doubling of San Diego County's home prices since 2000, when the average property sold for $234,000.
The median resale price for existing single-family homes dropped $15,000 from November to December to stand at $550,000, the largest month-to-month decline since DataQuick began keeping records in 1988.
San Diego County Resale House Prices
01/06/2006 SAN DIEGO –
San Diego County resale house prices tumbled last month by the biggest number in 18 years of record-keeping and contributed to the smallest year-to-year rise in overall prices in six years,
DataQuick Information Systems reported Monday. The median resale price for existing single-family homes dropped $15,000 from November to December to stand at $550,000, the largest month-to-month decline since DataQuick began keeping records in 1988.
Negative Migration
The monthly mortgage cost for a median priced home has been an issue for a large group of San Diegans. This has lead that San Diego has been experiencing negative net migration since 2004.
Deals/ Rebates
First-time buyers
First-time buyers must complete their sales transactions by the end of November to take advantage of a tax credit of 10 percent of the purchase price, up to $8,000. The real estate industry is lobbying Congress to get the credit extended.
Source: California Association of Realtors
California June 2008 Home SalesJuly, 2008 -
June home sales was the slowest in DataQuick's statistics, which go back to 1988.
Source: DataQuick Information SystemsOf the homes sold in June, 41.9 percent were foreclosure resales, up from a revised 40.1 percent in May and 6.6 percent in June a year ago.
December, 2007
The median price paid for a home last month was $328,000, down 3.2 percent from $339,000 for the month before, and down 31.5 percent from $479,000 for June a year ago. Around half the drop in median is due to depreciation, the other half due to shifts in the types of homes selling, and how those homes are financed.
The median home price hit $402,000 last month, down 14.8 percent from $472,000 in the year-ago period, according to DataQuick Information Systems. The state's median home price peaked last spring at $484,000.
In May 2007, a median house in San Diego cost $612,000.
Source: California Association of Realtors
Housing Affordability
Growth of real estate prices in San Diego County has not been accompanied by comparable growth of household incomes: housing affordability index (percentage of households that can afford to buy a median-priced house) has been below below 20% since 2003.
more views on house prices and economy >>
August 2009
San Diego home Prices
Trends in home prices in San Diego County and Southern California.
