In today’s Union-Tribune they quote nine different people about the real estate market, and the reports are remarkably similar. Let’s give them some credit, at least they are getting closer to the truth – the lower end is hot, and the higher end is not:
San Diego County home prices remained virtually flat in March for the third straight month, with sales of entry-level homes the strongest, in the clearest sign yet that at least the market’s bottom rung may have stabilized.
The county’s median price was $285,000, unchanged from February and up $5,000 from January, MDA DataQuick reported yesterday. Sales skyrocketed to 3,020, up 43 percent from a year ago; it was the biggest increase for any March in five years.
Local buying has been dominated by low-priced foreclosure homes, which represented 51.1 percent of all resales last month, DataQuick said. It was the fourth month in a row that more than half of resales were foreclosure properties.
Prices on those discounted properties are clearly attracting heightened interest from first-time buyers and investors. Agents such as Calvin Goad report multiple bids, often above the asking price. He recently drew nine offers on a $384,000 home in two days, with some over the $400,000 mark.
“Most of those buyers have been hanging on, trying to get the incredible deal, and the incredible deal is gone now – it was a couple months ago,” Goad said.
The only thing a stable median price might mean is that there could be more higher-end sellers who are starting to cave and actually selling their home, which would help balance the midpoint.
Here is a link to the article:
They didn’t get my quote right though. There were 55 houses listed for sale in Rancho Santa Fe in March, and currently there are 327 active listings.