The March sales numbers are in and it is nothing but good news for buyers and sellers alike. Sales of single family homes were up 48.3% over the same period last year and up 44.9% year to date. That means that homes are selling quickly and there is still plenty of opportunity to take advantage of the current low interest rates and record low prices, fueled largely by the San Diego foreclosures market.
Inventory is also rising, as people begin the traditional spring listing season and the temporary drop in foreclosure listings that occurred last fall as a result of new federal regulations for lenders works itself out. The good news here is that even though inventory rose nearly 2%, pending sales are also climbing, up 10.8% from February and up an astonishing 146.3% from March of last year.
San Diego Foreclosures Keeping Prices in Check, Increasing Affordability
Although home sales are skyrocketing, area home prices are continue their decline over previous values. The median home price fell $5,000 in March, to $320,000, and was down over 25% in year over year comparisons. Average home prices are starting to climb however, and are up 5.6% in March. The average home prices remains 33% below the same period last year, meaning that homes in San Diego continue to be the most affordable they have been in years. As additional San Diego bank homes are listed, buyers can expect the median home price to remain about the same for the next few months. This is seen in the sales price to list price ratio, which is hovering at 98%. That means 98% of homes sold at or above their list price last month. Prices are so affordable buyers are finding there is no need to offer low.
Condos Sales Climbing
For buyers looking at a San Diego bank owned condo, condo sales rose as well in March, up 23.6%, with prices dropping 5.4% from February. This continues to be a great market for first time home buyers or young professionals, particularly in the downtown area close to business and quality retail.
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.
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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.
About this Page: The March sales numbers have been analyzed and San Diego home sales continue to climb. Richard Elias puts the numbers in perspective and explains what it means to the San Diego foreclosures market.
San Diego Home Sales Soar in March
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