Market Update for September
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San Diego County
Market Update September 2011 As the summer draws to an end the remarkable thing in the real estate market is that interest rates continue to fall. The average sales price of detached homes in San Diego county is down -3% compared to this time last year. Attached homes are actually up 6% in the same time period. Month to month detached homes are down slightly by -2% while attached homes are up 8%. Remember, this is an average for San Diego County and every area responds differently. This increase is likely price point driven. There were 2,841 homes sold in San Diego County in August which is up about 2% compared to this time last year. However, 1,305 were distressed sales with 25% short sales and 21% foreclosures. Just when you thought interest rates could not go any lower take a look at the chart. As of this writing, the September rate for a 30-year fixed is 4.17%. What an opportunity to buy or refinance a home. However, there is a huge amount of documentation required by the lenders now, so you must be patient with your loan officer who has to follow the new rules imposed by the government. You can always find accurate, timely and customized real estate “Market Trends” at www.TheJoysOfRealEstate.com. You will find complete trend charts on San Diego County, Scripps Ranch, Rancho Bernardo, Poway, Rancho Penasquitos, Mira Mesa and Carmel Valley. Thank you for your referrals as that accounts for 90% of our business of creating delighted home buyers and sellers. |
Source: Sandicor Multiple Listing Service
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