Foreclosure in San Diego>Question Details

Kristal Kraft, Real Estate Pro in Lone Tree, CO

Is the San Diego real estate market experiencing the same increase in inventory as other parts of the country?

Asked by Kristal Kraft, Lone Tree, CO Wed May 23, 2007

Help the community by answering this question:

Answers

10
BEST ANSWER
Overall, San Diego inventory levels are higher than they were a year ago. The exceptions to this rise are the luxury home and prime San Diego coastal markets, where inventory levels are fairly flat. It looks as if this year will have fewer real estate sales overall, compared to 2006. For up to date San Diego market reports, please visit the site below (and select the market report option):
2 votes Thank Flag Link Wed May 23, 2007
Roberta Murp…, Real Estate Pro in San Diego, CA
MVP'08
Contact
I like to look at the local markets when answering this sort of question, since it varies quite a bit. Many areas hit a peak of inventory in mid summer (July or August 2006) depending on what areas you are looking at). There are communities in North San Diego county where inventories are increasing again, but they are still less than the peak of last summer. Some towns have a flat inventory, with a fairly even flow of new listings and sales, while others are seeing an inventory increase since the beginning of 2007. Overall sales are less, but the absorption in a number of communties is around 6 or months, down from 9 - 12 months from last summer. And median prices have crept up some too in certain locales.
1 vote Thank Flag Link Mon Jul 23, 2007
I was wondering about that questions, Our area here in Ventura County, is also flat and is a buyers market. We have many homes available!
1 vote Thank Flag Link Thu Jun 7, 2007
Roberta, Thanks for the additional information. It is always very hard to tell exactly where the market is flat or not!
1 vote Thank Flag Link Wed May 23, 2007
YES! It's great. More inventory, but demand hasn't dropped much.
0 votes Thank Flag Link Wed Sep 26, 2007
Kristal - it really varies locally. While the overall county numbers say 1 thing, when you look locally (I did the numbers for the 10 communities I service along the coast for the end of July) inventory for detached homes ranges from 3.5 months in Carmel Valley to 16 months in Rancho Santa Fe (one of the most expensive zips in the country). The inventories have been increasing, in general, since January but are still less than the peak of mid-last summer by 20-25%.
0 votes Thank Flag Link Thu Aug 30, 2007
Simply put...YES! Maybe even moreso. I saw a report this week that put the housing supply at 10 months. Average days on market has increased dramatically and with the mortgage situation it will get worse before it gets better. But I digress. There is always light at the end of the tunnel, right? There are always people that NEED to buy or sell...and what better place than San Diego?
0 votes Thank Flag Link Thu Aug 30, 2007
Assuming you are correct about increasing inventories in other parts of the country, as far as San Diego County as a whole is concerned, active listings have increased steadily from approximately 14,700 units in January of this year to a little over 20,000 units midway through this year. Months of inventory (the rate at which property is sold) is around 8.5 months. A definitive "buyer's market." Another indicator of the San Diego real estate market is the number of units that sell each month. While we've seen sales increasing from just over 6250 units in the 1st quarter to over 7100 units in the 2nd quarter of this year, those numbers are down about 15% from the first two quarters of '06 and a whopping 35% down from the same period in '05. The number of Single Family Detached listings taken in the first half of '07 are up 4.75%, while the number of Single Family Attached listings are down about 7.75%. Another market indicator is Average Days on Market. For the first half of '07, we have seen a steady decrease in the number of days a property stays on the market from around 80+ days down to 67 days. Still about a 12% increase over the same period last year. While these numbers, in general, reflect the entire county, each micro-market has it's own dynamics and is unique to itself (i.e. Carlsbad, La Jolla, Coronado, Imperial Beach, etc.)
0 votes Thank Flag Link Tue Jul 17, 2007
See the numbers for yourself at http://www.sandicor.com/statistics. Broken down by zip code and also for the whole county. You can do a year to date search and also by month. This can be a gereat way to see trends too since you can look at avgerage list to sold data and median list to sold.
0 votes Thank Flag Link Sat Jul 14, 2007
Yes! San Diego is typically about 8-12 months ahead of most markets in the country, so we've seen our inventory double then triple in the past 2 years. This market is often called the "bell weather" market because of this. What is interesting is that the "inventory increase" is area-by-area. For example: the beach areas continue to be HOT while Chula Vista is hurting badly with foreclosures, short sales, etc. It's a GREAT time to buy, but a bad time to sell (especially if you bought 2-3 years ago). Hope this helps!
0 votes Thank Flag Link Fri Jul 13, 2007
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer