Deb Espinoza's Real Estate BLOG: San Diego County Real Estate Statistics for May 2011

I think our San Diego Housing Market is in the 'double dip'- Times are still great for buyers, for sellers- not so much.

Here are some local San Diego Housing Market Stats:  May 2011

Sales of existing detached homes are down 6.7% year to date

Median Price of detached homes in San Diego County down 2.5% YTD at $383,670

For Ramona, CA 92065 the housing prices are down from $307K in 05/2010 to $270K  12.4% YTD;Cardiff by the Sea, CA down 35.1% (from $770K to $500K); Carlsbad,CA holding steady down just 0.5% at $552,500;Escondido,CA (92025,92026,92027) are UP 5.1% YTD from $277,500 to $291,500;Fallbrook, 92028 also UP from 337,500 to 345,500; a 2.4% increase. Lakeside, CA 92040 is down 17.1% from $297,500 to $247,000; La Mesa, CA holding steady from $320K to $319K a marginal decrease of 0.3%; Oceanside, CA down 5.7% from $300K to $283K; Poway, CA 92064 down 11.6% from $487,500 to $431K; Rancho Santa Fe, CA down 12.5% $2,012,500 to $1,762,000; City of San Diego down 3.8% from $343K to $330K; Santee, CA 92071 down 6.7%  $300K to $280K; Spring Valley, CA 91977 down 4.7%  $241K to $229,750; Valley Center, CA 92082 slightly higher up .8% $431,500 to $435,000; Vista, CA down 5.4% from $285,000 to $269,500 and San Diego County numbers are $325K, down 1.5% from May 2010 of $330K.

So the good news is for buyers. Still lots of inventory with 6.8 months standing on the market as of May 2011. And if the lenders ever let go of the 'shadow inventory' and with the 2007 Option Arms coming due and many, many more failed modifications I think we are in for flooding the market with some more distressed inventory in the coming months that will take several more years to clear.

Currently average days on market is a little over 55 days- that will start to climb higher. Sellers need to get their homes on the market in 'ready' condition, easy to show, and priced correctly by their real estate professional.

Buyers, if you have a job and history at it, decent credit and are tired of renting. Time to go for it. Rates are still at an all time low this year, there are plenty of home buyer assistance programs available and rents are headed UP. Year to date they are already up 2% with an average rent of $1387.

Give us a call today if you are ready to stop renting and buy a home. We can assist with financing questions, areas of affordability, and the many questions you will have about purchasing a home.

Sellers, if you must sell because of distress or relocation. We know the San Diego market. We can help you prepare your house for sale and market it for the most cash to you, quickly and stress free. Ask about our Guaranteed Sale Program; we sell your house or pay you CASH!

Figures Courtesy of Fidelity Title; Kurt Stuber.