Three posts back we saw that the selling seasons have been steady the last three years.
Let’s take a closer look.
The overall SD inventory today is down to 6,214 attached and detached homes for sale, so I think this chart must include the contingents, which today total 4,373 listings. But you can see that in the 2010 and 2011 selling seasons, there were over 15,000 listings:
San Diego Housing Inventory
In spite of (or because of?) the drastically lower inventory this year, detached NSDCC sales rose +20% this year. Contributing factors appear to be lower mortgage rates (though each year the buyers were similarly motivated to get “the lowest rates ever”) and more short sales closing:
NSDCC Detached Sales April 1 – July 31
|Year||# of Sales||Avg. $/sf||REOs||Short Sales||Mortgage Rate 1st Week of June|
Now that we have more confidence in short sales being completed in a timely manor, each listing is getting fair consideration. Which means that virtually all attentions are on price only – they must, because the average pricing actually dipped a couple of ticks.
It is shocking that prices aren’t going up statistically, because it feels like it on the street. Maybe it’s because everyone is fighting over the well-priced homes, and only to a price point within reason – and leaving the rest alone?