Homes Sales Rise Nearly 5% in April, Fueled by San Diego Foreclosures

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Published: Monday, May 04, 2009

California home sales rose 4.8% in April, and climbed 21.9% from April a year ago, fueled in part by record numbers of San Diego bank homes. According to market analyst MDA DataQuick there were 37,967 real estate transactions last month in California, up from 36,215 in March and 31,150 in April, 2008. The 20 year average has been 45,088, with a market peak of 71,638 transactions during the month of April, 2004.

Local San Diego County home sales performed even better than the statewide average, climbing 11.8% from March. This is the tenth straight month that home sales have risen in year-over-year comparisons, adding to the speculation that the housing crisis could be bottoming out. Increased sales typically indicate a market is reducing inventory, the first step in stabilizing falling prices. This is important news for San Diego home owners, who have seen property values slide 44% overall from their all time high in November, 2005.

April Saw Record Numbers of San Diego County Foreclosures Resale

San Diego's home sales were fueled by record foreclosures hitting the market and quickly reselling. In April, 1,511 San Diego bank homes resold, representing 47.5% of all transactions. This is the highest number of foreclosures to sell in a single month, according to DataQuick, whose records date back to 1988.

This increase in foreclosures sales could impact home prices in the coming months. With fewer homes available at bank owned pricing, the median home price in San Diego County could rise quickly as sellers adjust their prices to reflect current market conditions. In fact, April's sale prices suggest this may already be happening.

San Diego Home Prices Also Climb

Home prices rose again in April, with single family homes climbing $6,000 from March to a median of $325,000. This is the fourth month in a row prices have inched upward, and are now down just 24.4% from April of a year ago. This is one of the lowest value declines in the six county Southern California real estate market.

Although overall the county is seeing a rebound, some particular San Diego County neighborhoods remain particularly good bargains. El Cajon bank homes are keeping prices 32% below last year's numbers, south Oceanside foreclosures are down 36.4% and west Escondido foreclosures are down 46.4% with a median price of $372,500.

The time to buy San Diego County bank homes is now! Whether you are looking for a downtown condo or beautiful El Cajon foreclosures, Oceanside bank homes or executive La Jolla REOs, contact Richard Elias today at 1-800-474-1919. He can help you realize your homeownership goals before prices rise further and the best San Diego County foreclosures are gone.

San Diego Home Prices and Number of Sales on the Rise

Category: Real Estate Tips & Trends

Published: Monday, May 25, 2009

Home sales and median home prices were both up in May, indicating the market is beginning to rebound from record numbers of foreclosures. There are still plenty of San Diego foreclosures available, however and Richard Elias explains what the rise in home prices means to foreclosures buyers.

Transit Projects Improve Traffic Near San Diego Bank Homes

Category: Real Estate Tips & Trends

Published: Monday, May 18, 2009

San Diego foreclosures benefit from new transit projects across the county. Richard Elias explains what the $10 million in Smart Growth funds will pay for and what it means for buyers of San Diego bank homes.

San Diego Foreclosures Fading From Market – For Now

Category: Real Estate Tips & Trends

Published: Monday, May 11, 2009

San Diego foreclosures are disappearing from the listings, shrinking inventory and creating a seller’s market. Richard Elias offers insight into the current San Diego foreclosures market.

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