Market Update for August
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San Diego County
Market Update August 2011 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. The average sales price of homes appears fairly stable over the year, but that does not give the full picture. If you examine the chart at the bottom it is apparent that the price per square foot has fallen over the last year which means that for a given size home the price has declined. It has declined -4.8% for single family homes and -3.1% for attached homes. Remember, this is an average for San Diego County and every area responds differently. Home sales for single family homes have increased by 5% compared to this time last year whereas attached home sales have declined by -7%. Good news, distress sales fell this month to 44% with 23% foreclosures and 21% short sales. Homes are selling as it is a buyer’s market with incredible prices and the average 30-year fixed interest rate is now 4.54%. It is actually less costly per month to buy a home than rent it and that does not include the additional savings from tax deductions for income and property taxes. If you would like more information on possible savings in owning a home please give us a call or send us an email. 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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