San Diego Real Estate Price Trends for April
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San Diego County Market Update April 2009 The average price of homes sold in San Diego County tended to stabilize last month while home sales increased. The total inventory of homes available for sale (single family and attached homes) decreased slightly and with the sales increase last month there is only 5.3 months of inventory available. When all sales are finally recorded for March the real inventory will probably dip below 5 months. This inventory level is moving toward a sellers market which is quite a shift from a year ago when there was 11.5 months of inventory available.
Clearly the market is shifting as a result of the 35% price decline over the last year and the reduced interest rates to less than 5% today. These changes along with an $8,000 tax incentive for first time home buyers are fueling the market. This shift is also demonstrated by the significant change in the affordability index. The affordability index in 1973 was 181 and today it is at 178 which clearly indicates a great buying opportunity.
The number of home sales is up 55% compared to this time last year and is up 20% in March compared to February. Mortgage interest rates are continuing their decline and the average presently is at 4.78%. These unprecedented low rates are expected to vanish around September when Federal funding runs out.
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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