The February sales numbers are in and like the old adage says, there's good news and there's bad news, depending on whether you're a buyer or a seller. According to market analyst MDA DataQuick, median home prices rose for the first time since April of 2008, up $5,000 to $285,000. This is great news for sellers, hoping the end of the price slide is here and they will see a gradual climb to their once valuable home equity. On the side, however, buyers are looking at higher prices and fewer bargains to choose from.
There were more sales in February over January as well, with 2,470 escrows closing. That is a 24.6% increase over February of last year, signaling a possible recovery to the troubled San Diego real estate market. February marked the eighth straight month that year over year sales increases were reported, after 48 straight months of year over year drops in sales. While market watchers are optimistic about the San Diego foreclosures market, they remain cautious that sellers voluntarily listing their homes may have a ways to go before they realize considerably higher sales prices.
San Diego County Foreclosures Account for Fewer Sales
In addition to higher prices, foreclosures represented a smaller share of the home sales pie, accounting for 52.5% of all transactions. In January the number was just over 55%, a marginal decline. The number of homes on the market fell as well, to just over 14,000 in mid-march, as more homes sell and the number of San Diego bank homes listed dwindles.
Rather than panic about fewer San Diego County bank homes to choose from, buyers should be optimistic that banks are still willing to negotiate great deals. The sooner the remainder of San Diego bank owned homes are off the market, the sooner they can begin lending again and take advantage of some of the protections offered by the federal stimulus plan. Buyers hoping to find quality El Cajon foreclosures should know that right now, you can find a 1600 square foot 3 bedroom, 2 bath El Cajon beauty right now for $365,000 (MLS#: 090017796). That is a savings of 54% over four years ago! Buyers searching Oceanside bank homes can take heart in finding a four bedroom, 3 bath beauty built in 2003 for the same $365,000 (MLS#: 090018147).
Similar bargains can be found among Escondido bank homes and Rancho Bernardo foreclosures. And yes, while prices are beginning to climb slightly, the banks want to move these foreclosures listings fast! For information on how you cash in on bank owned bargains now, contact Richard Elias today at 1-800-474-1919. He will schedule a personalized showing of the best San Diego foreclosures and offers expert help finding the bank owned bargain that is right for you.
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About this Page: The median home price in San Diego rose last month for the first time since April of 2008. Richard Elias explains the impact on San Diego County foreclosures and why buyers need to act fast to pick up bank owned bargains.
San Diego County Home Prices Rising
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