Happy Holidays!
I hope you and your family had a great Thanksgiving. I think we are still eating leftovers at my home.
Currently, in San Diego county there are a total of 5,395 detached homes on the market which is 117 homes less than in October. 1,549 new escrows were opened last month compared to 1,854 the month prior and 2,424 homes went "contingent", meaning that they were likely short sales that have offers awaiting lender acceptance. This means that 3,973 detached homes went off the market due to contracts during November and that we have about a 3 week supply of available detached homes. This traditionally indicates a seller's market with prices on the rise. Much of this activity was in the lower price ranges due to the better financing options and the number of first time buyers entering the market. Things are more difficult for move-up buyers because of the difficulty with jumbo loans.
Today there are 2,458 attached (condo) properties on the market, up by 23 from last month. 898 new escrows opened compared to 965 the month before plus another 1,938 went contingent meaning that a total of 2,836 attached properties left the market due to contracts in the last month, giving us about a 3 week supply of active listings. This is also an indicator of a strong market with prices on the upswing, especially in the lower ranges.
Interest rates continue to be at extremely low levels, the home buyer tax credit has been extended and expanded, and there is good financing at the lower prices plus there has been little to indicate that the inventory level will increase any time soon as there is uncertainty about when the next group of foreclosures will hit the market and what price range they are expected to involve.
