Bank Owned Properties Continue To Dominate Market

Sales of bank-owned property continued to make up the majority of home sales in San Diego County in January.

These sales are pushing statistical prices down. The median price for single-family, re-sale homes dropped 4.4% from December, and was down 29.7% year-over-year.

Sales of single-family, re-sale homes were down 20% from December, but were up 47.7% year-over-year. Sales continue to be concentrated in the lower-priced cities where the bulk of the bank-owned property is: Chula Vista up 128.2%, Escondido up 214.6%, Oceanside up 118.2%, El Cajon up, and Encanto up 214.3%, just to name the cities with the largest number of sales.

Condo sales were down 22.6% month-over-month, but gained 51.4% compared to last January.
The median price for condos fell 6% from December, and was off 37.3% year-over-year.

The sales price to list price ratio decreased 2.7 points to 95.6%. The sales price to list price ratio for condos dropped 1.9 points to 96%.

Days on market for homes dropped ten to 63 days. Days on market for condos was down five to 64 days.

The real estate market is very hard to generalize. It is a market made up of many micro markets. For complete information on a particular neighborhood or for an evaluation of your home's worth, call me.