San Diego Market Inventory Levels: Currently there are approximately 21,025 homes on the market in San Diego. The inventory breaks down as such
38 % or 8,022 – Short Sale
52% or 13,003 – Traditional Equity or Investor Flips
10% or 2,209 – Bank Owned Foreclosures
Total : 21,025
Essentially the market is a 50/50 split between distressed assets and traditional sales.
October Sales Down Sharply October sales were down sharply on both a month-to-month basis (-7.2%) and a year over year basis (-17.0 %). In spite of the last two months of sales softness the year will probably close out with roughly the same amount of sales as last year.
Months of Inventory Continues to Rise : Months of Inventory has risen to about 6 months and the market can be considered normal and balanced. The inventory rise is particularly noticeable at the low end of the market where the rise has been steady for the last 3 months.
August Month-to-Month Prices Fell: According to the Case – Shiller index for the first time since April of 2009 month-to-month prices fell. The county wide rate of month-to-month decline was -0.6% and all price ranges were affected.
Foreclosure Filing Decline: Notices of Default (NOD) and Notices of Trustee Sales (NOTS) both declined over the past month.
Building Permits Mixed: US building permits continued to decline in a normal seasonal pattern and are somewhat above their low of January 2009. San Diego building permits rose slightly after a very steep decline last month and are near their all-time lows.
Economic Highlights:
Unemployment Rate Holds Steady: The unemployment rate held steady at 9.6% while the hours worked index actually increased a tenth of an hour for an average work week of 33.6 hours.
Rate of Deleveraging Slightly Slows: The rate of deleveraging slowed slightly last month but is still at an unprecedented rate.
