November San Diego Housing Market Report

November’s market data shows San Diego’s housing market is slumping a bit more. Single family detached (“SFD”) volume is down to 1,449 in November which makes it 5 months in a row volume has been down. In June the volume for homes sold in San Diego County was 2,098 and it fell 18% in July, 2% from July to August, 9.5% from July to September, 21% from September to October and 15% from October to November. Yea, the market is falling, but this happens every year.
Add in attached homes and you are looking at a less grim of a picture. Attached sales are on the up which minimizes the pain of the decreased volume of SFD. Below is a chart covering the same months discussed above with both single family attached (“SFA”) and SFD figures in them. If you notice, the percentage drop is much lighter than SFD alone which means condo sales are up.
SFD 2007
SFD 2008
SFD 2009
SFD 2010
%Change/Mo
Jul
846
2,944
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2,730
-16.4%
Aug
541
2,732
2,870
2,785
2.0%
Sep
550
2,940
3,014
2,654
-4.7%
Oct
577
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3,144
2,470
-6.9%
Nov
549
2,330
2,653
2,231
-9.7%
In San Diego, buyers get frisky around spring time which marks San Diego’s peak season. This is certainly the case as some economists, including myself, are making it official that we are in a double dip. Clusterstock chart of the day has a good chart that shows a double dip is happening nationally.
REOs have dipped, but I have a feeling that they will rebound in December. There will be a new wave of foreclosure inventory coming up soon. Also, note that short sales have only been about 20% of San Diego’s market in 2010. You would think there would be more, right? Listings are still up about 25% greater than solds so we still have an excess of inventory. Average days on the market are 73 which is considerably higher than the 60 dryas it took to buy a home at the beginning of the year. Have the buyers left?
An average sized home in San Diego (1,500 sqft) has decreased in value a little less than 1% from October, and a little more than a 2% from September (which posed a 4% increase in value). So, with volume decreasing, prices have not come down as much. Ill give the market till late February, March to start coming up in value before evening out and beings more or less stagnant through 2011.
If you are looking to buy or sell a home, please give me a call. If you are having financial difficulty with your home, please visit for some free advice.

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