The San Diego County housing market continued to recover in May as both prices and sales kept rising. Jen Lebron Kuhney of The Daily Transcript reported general numbers, total residential sales came in at 2,987 units in May, a 14% increase from April and a 11% increase from May 2009.
In an interview with Alan Gin, “Job improvement and increasing consumer confidence can be partially attributed to the bump, said Alan Gin, professor of economics at the University of San Diego’s Burnham-Moores Center for Real Estate.” But Gin did state concern on what would happen to the market, post federal tax credit.
Roger Showley of the San Diego Union-Tribune gave more specific numbers. The median price for single-family resales in May was $377,000, up 16 percent from May 2009. The condo resale median price was $235,000, up 18.1 percent. The median price for new homes stood at $399,000, down 16.2 percent, and the median for all homes sold in San Diego County in May was $340,000, a year-over-year increase of 15.3 percent. There was a monthly increase from April of 4.5 percent.
Sales for all residential in San Diego County is May had an increase of 15.3% from May 2009.
Andrew LePage of MDA Dataquick had an encouraging quote, “Across the board, it looks like almost everything is off the bottom. A lot of places are up a little from a year ago.” LaPage noted one of the reason for the rise in prices was quality. Foreclosures had a smaller market share from a year ago. On top of that, some lenders were allowing some upgrades to foreclosed homes before they put them on the market.
Jen Lebron Kuhney of The Daily Transcript reported that the “Sales and median prices of detached homes in San Diego declined in April from March, according to the San Diego Association of Realtors.” Kuhney also reported that sales dipped 3% from March.
The median price of a detached (resale) homes slipped 2.5% to $387,000, although attached (resales) median price rose to $225,500, a very slight increase from March.
In an interview with Professor Mark Goldman at SDSU, Goldman said that he thought prices had risen too fast and that prices could soften if too many foreclosures hit the market, although Mark Marquez of the San Diego Association of Realtors said that is not likely to happen.
Roger Showley of the U-T reported on the total number of sales for April. All combined resales and new home prices in the county were up 12.2% over April ’09, although there was a dip in prices from the previous month of 1.4%. Sales of all housing combined in the county were down 2.5% from April of last year.
Good news for homeowners in San Diego County, according to Roger Showley of the Union-Tribune, median prices for resales climbed 14.7% during the first quarter of 2010 to $379,000. The climb is based on where prices were in the first quarter of 2009.
Quoted from the article, “These numbers placed San Diego in 16th place in appreciation and seventh in price level out of 152 metro areas covered.” Along with the good news, there were concerns in the article on where prices were headed now there that we’re entering Life After The Homebuyer Tax Credit.
Jen Lebron Kuhney of The Daily Transcript reported a couple of weeks ago that most ZIP codes in San Diego showed a median price increase from 2009.
Kuhney reported, “Out of 38 ZIP codes that each accounted for at least 1 percent of San Diego County’s resold detached homes in March, five had median home prices slide in the past year — a contrast to March 2009 when all but one of those ZIP codes was in the red from 2008.”
Regarding Zip codes that declined, “In a report produced by the San Diego Association of Realtors (SDAR), the five ZIP codes located in Carmel Valley, San Marcos, El Cajon, Chula Vista and Ramona were the only ones to have their March median price of homes sold decrease from March 2009.”
As far as zip codes where there increases, Kuhney wrote, “The top five ZIP codes in terms of price increases year-over-year were two ZIP codes in Escondido, and then one ZIP code each in Clairemont, National City and Poway. Of those ZIP codes, only Poway had a higher number of home resales last month than in March 2009. Carlsbad, Rancho Bernardo, Rancho Penasquitos, Encinitas, Carmel Valley and Poway saw the biggest percentage increase in resales from March 2009 to 2010. All of those ZIP codes have median prices over $500,000.”
How is the housing market measuring up with the rest of Southern California? Roger Showley of the Union-Tribune provided the numbers a couple of weeks ago. Year-over-year sales for March came in at a 6.9% improvement, third best in So Cal. The median price showed year-over-year improvement of 15.8%, the best improvement of any county in Southern California. Check out the article for all the numbers.
The downturn isn’t over until it’s over, but I’ll take ANY good news!
Most of the news reported on the state of the housing market in San Diego during March was good. Roger Showley of the Union-Tribune reported that the residential housing market took a turn for the better.
MDA DataQuick reported that the March median price was at $330,000, the same as it was last December and 15% higher than it was in December 2009 and a 2.5% rise from February. According to Showley, that was the biggest percentage increase in five years.
But reading between the lines, Andrew LaPage of MDA Dataquick reminded everyone that the higher end (homes selling above $400K) is now over 37 percent of the market share, which is helping to drive up the median price. The higher end remains soft, while homes under $400K seem to have a much lower inventory.
A telling quote from the article, “Among neighborhoods with at least 20 resales in the first quarter, the median price in Rancho Santa Fe was down 72.2 percent from $6.5 million in the first quarter of 2009 to $1.8 million this past quarter. La Jolla, Del Mar, Solana Beach and Coronado quarterly medians wer also down year-over-year. Logan Heights rose 4.4 percent to $135,750, as did other low-cost places such as Golden Hill, National City and City Heights.”
UPDATE: The numbers for April were just released and I’ll be posting them soon.
At the end of March, Thomas Kupper of the Union-Tribune reported on stats from the S&P/Case-Shiller Home Price Index. It showed that in January, San Diego was one of the strongest markets on the list (second only to Los Angeles). Las Vegas, Seattle, Tampa and Charlotte, NC continue to tank. San Francisco and Minneapolis showed the biggest rebounds.
There are still concerns regarding unemployment, which continues to pressure the market. For all you stat junkies, there is a good explanation on how the index works in the full article.
UPDATE: The Union-Tribune reported today (04/28) that S&P/Case-Shiller showed that San Diego had the strongest housing market in February in the nation.