The real estate market is in full recovery
In other completely obvious news, the sky is blue and the sun is yellow.
We have been hearing and reading about how the real estate recovery is gaining traction, and now there is even more evidence:
- The California Association of Realtors recently reported on both home prices and sales volume for September:
o Sales volume was up 7.3% in San Diego County from September 2011. It did decrease 18.9% from August, but this has much more to do with lack of supply than lack of demand. There are still multiple offers on well-priced homes – the buyers are out there, there just aren’t enough homes for them to buy.
o The median price of single-family resale homes increased 3.9% from August and 11.2% from September 2011.
- The North San Diego County Association of Realtors’ monthly HomeDex Report gave information about both the North County market and the countywide market:
o For North County, the median price for all sales increased 1.3% from August. Of that, detached homes increased 5.26%! At the same time, the number of sold units dropped a whopping 22.77% from August. This is largely due to the issue we discussed with the California Association of Realtors report – lack of inventory. In fact, the number of North San Diego listings declined 6.62% in September compared to August.
o For the county as a whole, the median price for single family detached homes increased 1.67% from August.
- The San Diego Association of Realtors reported that the countywide median price of a single family home for September was up more than 3% from August and 12% from September 2011.
No matter where you look or what you read, home prices are moving in a very positive direction. However, because of the lack of quality inventory, sales are going to wane. We will have to watch and see what that does to prices down the road.
Prudential California Realty
North San Diego County and Carlsbad Real Estate