Detached Homes: There are currently 7,612 homes on the market vs. 7,182 last month and 5,339 in January 2010. 1,458 new escrows opened in January vs. 1187 in December and 1,562 a year ago. This gives us a 5.2 month supply of homes which puts pricing in the neutral range. There were an additional 1,889 homes that went under contract awaiting lender approval in short sales. Those could close anytime from this month to 6-8 months out.
Attached Homes: There are now 3,863 condos on the market vs. 3,673 last month and 2,591 a year ago. 749 units went into escrow in January vs. 613 the month prior and 839 a year ago. We now show a supply of 5.16 months which means prices are neutral.
The criteria we use to determine the market type are:
< 5 months of inventory = Seller's favor, prices rising to neutral
5-7 months of inventory = Neutral
> 7 months of inventory = Buyer's favor, prices soft
The numbers above are for all of San Diego county and could look very different for specific zip codes or neighborhoods, so this is very general information that should be supplemented with that local filter for anyone thinking of buying or selling a home.
R. Ungar, Associate Broker – Keller Williams Realty
