What is REALLY Going On??
News Headlines This Week:
“Housing data has glint of stability” Union Tribue 3/16/08
“Housing slump not even close to ending” Union Tribune 3/17/08
Trying to figure out what is really going on??
ANSWER: “It Depends”
In the attached chart you will see that sales in the under $300k range is up 500+% over last year. Sales from $300k to $400k are up 600+% from 2007, but sales in price ranges above these are generally down or flat.
The vast numbers of people buying in the entry level is what is responsible for pulling the median price down so drastically over the last year. But anyone looking for a home under $400k will tell you from their perspective that we have found the bottom. They are often facing MULTIPLE OFFERS with bidding wars at times bringing final prices OVER list price. As we go up in price range, this is much less often the case. Although, if a home is priced according to the market and shows well, we are seeing immediate offers in all price ranges.
In the Springtime we often see a surge in sales due to a yearly seasonal trend. We often see sales fall off again in the summer. But our gut tells us this is questionable due to the trend we are now seeing BEGINNING in the depths of the fall market LAST YEAR. Time will tell. . .
Give us a call if you would like to know what is happening in YOUR neighborhood or if you are ready to take advantage of “San Diego On Sale” investor pricing!