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
2010
958
$378/sf
62
85
4.79%
2011
959
$375/sf
74
79
4.55%
2012
1,153
$370/sf
70
127
3.75%

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?

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