San Diego Foreclosures Account for Bulk of January Home Sales
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Published: Monday, March 09, 2009
Home sales were down 20% from December, although they remain up nearly 50% from a year ago as the market continues to be flooded with San Diego foreclosures. This surge in San Diego bank owned homes is driving median prices down and creating even greater opportunities for home buyers. Just when market watchers anticipated a price stabilization after the New Year, prices in the hardest hit San Diego markets fell another 4.4% in January, down 29.7% from January of last year. For buyers looking for that perfect San Diego County foreclosures listing, now is the time to buy!
Chula Vista Foreclosures, Escondido Bank Homes Top List
The highest concentration of sales were found in areas with the greatest foreclosure rates, indicating mortgage companies will accept any reasonable offer if it means getting those REO properties off their books. Sales of Chula Vista bank homes were up 128%, Escondido foreclosures rose 214.6%. Coastal Oceanside bank homes climbed 118.2% and beautiful Encanto foreclosures rose 214.3%. Even under normal conditions these are some of the most affordable neighborhoods in San Diego County, but the continued glut of bank homes is taking its toll on area home prices, and prices are falling even further. The January sales price to list price ratio fell to 95.6%, meaning on average, homes are selling for less than list price! Buyers are in control and sellers will do anything to make their property more desirable, particularly for well-informed buyers who know the market and are working with a real estate agent that understands the foreclosure listings.
San Diego Foreclosures are Selling Faster
The number of days a home stays on the market is a good indication of how well the property is priced in comparison to other listings. In January the days on the market index fell ten days to 63 days, with condos falling five days to 64 days. This means homes are being snapped up quicker and buyers may find fewer bargains as more investors and home shoppers discover the San Diego REO market is the perfect place to buy.
Don't wait until all the best deals are gone. Contact Richard Elias today at 1-800-474-1919 for a personalized showing of the best San Diego short sales or foreclosures and help finding the bank owned bargain that is right for you.
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About this Page: Sales of San Diego foreclosures continued to top the charts in January. Richard Elias puts the numbers in perspective and points to the best deals.
San Diego Foreclosures Account for Bulk of January Home Sales
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