San Diego Real Estate Price Trends for February
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San Diego Market Update
February 2009 Home prices continued to fall in San Diego County last month along with home sales. The average home prices in San Diego County fell -35% since January of last year. The inventory level of homes for sale has dropped from 18,000 last year at this time to 14,000 this year. We do appear to be working off some inventory; in fact, if you go by the numbers there is about 5 months of inventory which usually signifies a sellers market. That is, at the present rate of home sales and the number of homes for sale it would take 5 months to sell all of them. This may indicate that the bottom is near. Another telling sign is the price per square foot for homes leveled off this month (see our website for details).
The average prices of single family homes sold last month decreased -3.7% compared to December of last year. While the prices of attached home, mostly condos, decrease -2.7%.
The number of home sales is up 59% compared to this time last year. However, home sales are down -22% compared to December of last year which was an unusual month.
The average interest rate for a 30-year fixed rate mortgage has increased slightly this month to date to 5.2%. Remember, this is the average and there are loans out there at this time for 5.0% or less.
The majority of our real estate clients come from referrals. Could you please do us a favor, if you hear of someone who is buying or selling a home please keep us in mind? Send us an e-mail or give us a call. |
Red: Detached(Single Family), Blue: Attached Source: Sandicor Multiple Listing Service
Source: Federal Home Loan Corp |
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