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SAN DIEGO REAL ESTATE MARKET, CALIFORNIA
JANUARY-APRIL, 2006 PERFORMANCE
Now that the Memorial Day parties have finished and the summer home buying season has begun, this is a good time to look at the performance of the San Diego Real Estate Market. This analysis focuses on the period beginning January 1, 2006 through April 30, 2006.
Perhaps the best place to begin is to look at the number of homes sold for each of these four months.
In January of 2006, 1,115 homes sold in San Diego County versus 1,523 homes January 2005. This represents a 26.8% drop in sales. In February of 2006, 1,140 homes sold in the County, compared to 1,491 in February 2005, which represents a 23.5% decrease. In March 2006, 1802 homes sold, compared to 2,191 in March 2005, which represents a 17.8% decrease. In May of 2006, 1604 homes sold, compared to 2409 in April 2005, which represents a 33.4% drop. So the market has clearly turned now from a “sellers” market, to more of a balanced or “buyer-friendly” market.
Just as interesting is the change in the time it takes to sell a home. In January of 2005, on average, it took 61 days to sell a home, compared to 69 days in January 2006, which represents a 13.1% increase. In February 2005, the average home took 60 days to sell, compared to 68 days in February 2006, which is a 13% increase. In March 2005, on average, homes took 54 days to sell, compared to 67 days in March 2006, which represents a 24.1% increase. In May 2005, on average, homes took 51 days to sell, compared to 63 days in May 2006, which represents a 23.5% increase.
The information above allows us to make some conclusions about the San Diego real estate market for the first four months of 2006. First, while the market remains robust, currently supply exceeds current demand, allowing homebuyers more options and more negotiating power. This is also producing a situation in which homes are staying longer on the market before they sell, a stark contrast to the San Diego market for the last few years in which demand has far outweighed supply.
If you are interested keeping up-to-date on the San Diego real estate market, please go to http://www.sdhomedatabase.com. On this site, you can search the MLS for San Diego homes and condos for sale, see home pictures, addresses, virtual tours, and tax information. You can also evaluate the characteristics of every community in San Diego, evaluate the quality and performance of schools in this region, see featured home sale listings, and evaluate and apply for various home loan programs. SDHomeDataBase.com is part of the Realty Executives network, an international real estate firm with approximately 15,000 agents worldwide.
For more information, contact:
Rocky Lall, MBA, Realtor, e-pro
Accredited Buyer Representative
7510 Clairemont Mesa Blvd
San Diego, CA 92111