We do not see prices climbing, but properties priced at market value, set by recent comparable sales, are not staying on the market long.
Statistical summary for the San Diego real estate market over the last month:
Keep in mind that our local market may perform better or worse than other sub-markets around the country and that national reports may not accurately reflect what happens here. In short, the number of active listings for detached homes increased about 10% in March but the number of new escrows opened increased also. There is currently about a 3 month supply of detached homes on the market which means it is a seller's market with prices rising. Much of the strength is still in the lower price ranges (below $500,000) because the financing options above that are still tricky. When you add the number of new "contingents" (short sales that reached contractual agreements but are awaiting lender approval) to that number another 2,500 detached homes went off the market. That means that 4,571 homes went off the market in March. When divided by the 6,196 now on the market we arrive at a 0.74 month (about 3 weeks) supply of detached inventory.
Condos/Townhomes:
3,022 attached units are now on the market, up from 2,896 last month. 1,154 new attached unit escrows were opened last month, up from 1,005 the month prior. 2,047 attached units went into the "contingent" status, so when you combine that with the 1,154 new escrows we see that a total of 3,201 attached units went off the market in March giving us a 0.68 month supply of attached properties. Prices are rising in this category as well.
