Detached Homes: 7,770 homes are now on the market vs. 7,567 last month and 6,547 a year ago. 1,852 new escrows opened in April vs. 1,897 a year ago, plus another 2,289 homes went "contingent" (short sales awaiting lender approval) vs. 2,206 last month. Dividing the new escrows into the total inventory gives a turnover rate of 4.2 months vs. 3.99 a month ago. This puts prices in the neutral to slightly rising category countywide. Sellers must still price competitively and buyers can not expect large discounts.
Attached Homes: 3,623 condos are now on the market vs. 3,657 last month. 878 units went into new escrows in April vs. 921 the month prior. This gives us a turnover rate of 4.13 months vs. 3.97 a month ago and means that prices are neutral to slightly rising. Another 1,457 units went contingent in April vs. 1,446 in March.
I do not usually add the "contingents" into the "new escrows" because it is impossible to determine how many will eventually close escrow due to the nature of short sales.
The data reported above covers all of San Diego County and should not be interpreted as being accurate for specific zip codes or neighborhoods or any area outside of our county. We'd be happy to provide very detailed information for any sub-market in San Diego upon request.
Bottom line for April...the market seems to be fairly stable with prices neutral to slightly rising.
Criteria: <5 months: Neutral to rising, 5-7 months: Neutral, >7 months: Falling
R. Üngar, Associate Broker – Keller Williams Realty
